More than $10 million in crypto flowed out of Iranian exchanges after US and Israeli strikes, according to blockchain analytics firms, highlighting heightened capital movement amid escalating geopolitical tension.
Chainalysis said outflows from Iranian exchanges exceeded $2 million in the first hour after the strikes began on Saturday, with total withdrawals reaching $10.3 million between Saturday and Monday.
British researcher Elliptic reported that outflows from Iran’s largest exchange, Nobitex, peaked at $2.89 million between 1100 and 1200 GMT on Saturday, roughly eight times higher than the previous day’s peak hourly level.
“Some of these flows are almost certainly ordinary Iranians moving funds in response to rising risk,”
Chainalysis said.
The firm added that other transfers could reflect exchanges reshuffling liquidity, attempts to reduce on-chain visibility, or state-aligned actors using mainstream platforms, while Elliptic said the movements potentially represent capital flight and U.S. researcher TRM Labs described the activity as more indicative of stress than systemic flight.
Crypto activity in Iran has grown in recent years, with transaction volumes estimated between $8 billion and $11 billion in 2025 as both retail users and state-linked actors increasingly turn to digital assets.
The United States has previously examined whether certain crypto platforms facilitated sanctions evasion by Iranian officials, and while cryptocurrencies remain a small part of the global financial system, the International Monetary Fund has said usage is expected to expand in emerging markets facing currency instability.