Cryptocurrency outflows from Iran’s largest exchange Nobitex surged 700% within minutes of joint US and Israeli airstrikes, according to blockchain analytics firm Elliptic.
Elliptic said the spike followed the initial military operation and suggested rapid capital flight as users sought to move funds beyond domestic controls.
“The sharp spike in cryptoasset outflows on Saturday potentially indicates capital flight from Iran. Nobitex allows the conversion of rials into digital currencies, which can then be transferred to any external wallet,”
Elliptic specialists stated.
The firm noted that Nobitex processed $7.2 billion in digital asset transactions in 2025 and serves around 11 million accounts, adding that the exchange is closely linked to financial activities of the Islamic Revolutionary Guard Corps.
Analysts said crypto transactions offer a route to bypass capital controls imposed through the international banking system, particularly during periods of unrest or tightened sanctions.
Elliptic also highlighted earlier spikes in January following mass demonstrations and internet shutdowns, as well as after US sanctions announcements, suggesting digital assets were used to circumvent restrictions.
“This activity not only demonstrates how funds can move outside traditional channels but also highlights the inherent transparency of blockchain. The same data that revealed these spikes helps authorities and regulators track further capital movements faster and more accurately than traditional financial instruments,”
The firm added, noting it had previously identified a $507 million USDT purchase by Iran’s central bank.