Iranians pull crypto as conflict intensifies

Iranians have rushed to withdraw digital assets from local exchanges after coordinated US and Israeli strikes intensified conflict and rattled the country’s financial system.

Blockchain analytics firm Elliptic reported that outflows from Nobitex, Iran’s largest crypto exchange, surged within minutes of the first attacks, signalling a rapid flight of capital.

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

Elliptic wrote in a March 2 blog post.

The escalation followed airstrikes in Tehran that killed Supreme Leader Ayatollah Ali Khamenei, prompting vows of retaliation and expanding hostilities across the region, including missile and drone activity near Gulf states.

Markets reacted with sharp volatility as concerns mounted over tighter sanctions, infrastructure disruption and risks to energy flows through the Strait of Hormuz.

Iran has previously leaned on bitcoin and other cryptocurrencies as a financial buffer against sanctions, making digital asset activity particularly sensitive during periods of unrest and internet restrictions.

Elliptic said transaction volumes leaving Nobitex “spiked almost immediately after the strikes,” underscoring how quickly users sought to secure funds amid fears of exchange instability and broader economic fallout.

At the time of reporting, Bitcoin price was $68,943.40.