Nobitex Withdrawals Spike 700% After U.S.-Israeli Airstrikes, Elliptic Says
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Nobitex Withdrawals Spike 700% After U.S.-Israeli Airstrikes, Elliptic Says



Withdrawals from Iran’s biggest crypto exchange, Nobitex, spiked more than 700% after coordinated U.S. and Israeli airstrikes on Tehran, according to blockchain analytics firm Elliptic.

Elliptic’s tracking shows Iranian users pulled out over $500,000 within minutes of the first strikes, with total visible outflows climbing to nearly $3 million between Feb. 28 and March 1. The analytics firm says Iranians are increasingly using crypto as a channel to move capital abroad while traditional banking routes remain disrupted by the ongoing conflict.

Pressure on the rial has added fuel to that trend. Iran’s currency hit a fresh low on Feb. 19, prompting many to shift savings into “overseas cryptoasset exchanges,” Elliptic reports. Chainalysis documented a broader pattern last year, finding a 70% year-over-year rise in crypto outflows from Iran as individuals sought safer stores of value.

Nobitex’s platform—where rials can be converted into crypto and then withdrawn to external wallets—creates a relatively fast route to move funds out of the country, bypassing some scrutiny of the global banking system, Elliptic added. The firm also noted similar episodic surges in outflows since the start of the year, including during the Jan. 9 demonstrations.

Internet blackouts have complicated the picture. TRM Labs recorded a roughly 99% drop in Iran’s internet connectivity after the strikes began, which it said led to a downturn in visible transactions and volume rather than clear evidence of capital flight. Earlier blackouts likewise suppressed on‑exchange activity and masked some outflows.

Despite these disruptions, Nobitex remains Iran’s largest crypto exchange—Elliptic estimates it handled about $7.2 billion in cryptoasset transactions in 2025. The platform has also faced major security and liquidity shocks: a hack last year attributed to pro‑Israel group Predatory Sparrow resulted in losses exceeding $90 million and severely impacted the exchange’s liquidity and market confidence.

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