Conflict and financial instability often accelerate shifts toward borderless digital assets. Blockchain analytics firm Elliptic shared an analysis on March 2 detailing a dramatic rise in crypto asset outflows from Iran’s largest exchange following recent airstrikes.

Tom Robinson, co-founder and chief scientist at Elliptic, stated:

“Cryptoasset outflows from Iranian exchange Nobitex surged within minutes of the first US-Israeli attack on Iran, with outgoing transaction volumes spiking by 700%.”

He added: “The outflows potentially represent capital flight from Iran that bypasses the traditional banking system.” Iran’s largest crypto exchange, Nobitex, which recorded $7.2 billion in crypto asset transactions in 2025 and serves more than 11 million users, plays a significant role in Iran’s digital asset ecosystem. The exchange has previously been linked to financial activity aligned with the Islamic Revolutionary Guard Corps and was identified in January as apparently being used by the Central Bank of Iran in efforts to support the struggling rial.

Elliptic’s analysis indicates that Nobitex allows users to convert rials into crypto assets and withdraw them to external wallets, creating a channel to move funds to wallets that could be accessed outside Iran while avoiding elements of the conventional banking system. Initial tracing suggests that recent outflows have been directed to overseas crypto asset exchanges that historically receive significant inflows from Iranian users. Spikes in withdrawals were also observed on Jan. 9, immediately after widespread demonstrations and a resulting internet blackout imposed by the regime.

Addressing activity during connectivity disruptions, Robinson noted:

“Even during these internet outages some outflows are seen, suggesting that some have access to the exchange’s cryptoasset holdings even when its website is inaccessible.”

Additional increases in withdrawals followed announcements of U.S. sanctions targeting Iranian actors, pointing to the possible use of crypto assets to mitigate sanctions pressure. While digital assets can provide alternatives to restricted financial rails, blockchain transparency enables authorities and compliance professionals to trace fund movements in near real time.

• Why did crypto asset outflows from Nobitex surge after the airstrikes?
  Heightened geopolitical instability and sanctions risk may have contributed to increased withdrawals.
• What does this mean for crypto markets?
  Geopolitical shocks can drive short-term spikes in on-chain activity and cross-border flows.
• How are sanctions influencing crypto usage in Iran?
  Sanctions appear to be accelerating the use of crypto assets to navigate traditional financial restrictions.
• Can authorities track these crypto asset movements?
  Blockchain transparency enables near real-time tracing of transactions by compliance professionals and regulators.

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