Overview
- Elliptic reported a 700% surge in withdrawals from Nobitex within minutes of the first U.S.–Israeli strikes on Tehran, with early tracing pointing to transfers headed to foreign exchanges.
- Chainalysis quantified roughly $10.3 million in outflows from Iranian platforms between February 28 and March 2, with hourly withdrawals spiking to around $2 million soon after news of the attacks.
- TRM Labs said on‑chain patterns reflected access constraints rather than a mass exit, citing an estimated 99% drop in Iran’s internet connectivity and a broad downturn in transactions and volume.
- Nobitex and other domestic exchanges experienced outages, and Arkham Intelligence flagged halted outbound activity on Nobitex’s Ethereum address even as some activity persisted on other networks.
- Nobitex’s central role in Iran’s crypto market—about $7.2 billion in 2025 volume and more than 11 million users—has made its outflows a focal data point while analysts continue tracing funds to clarify intent.