Iran’s largest exchange Nobitex sees withdrawal surge right after airstrikes, then a sharp drop amid internet shutdown

Withdrawals at Nobitex, Iran’s largest cryptocurrency exchange, surged immediately after the United States and Israel carried out airstrikes on Tehran, according to findings. However, as a sweeping internet shutdown followed, additional capital outflows slowed sharply.

According to a report by blockchain analytics firm Elliptic, cited by Cointelegraph on the 2nd (local time), within minutes of the first strike in Iran, Nobitex’s crypto withdrawals jumped more than 700% to above $500,000. Over the following hour, total withdrawals were estimated to have approached about $3 million.

Elliptic said the spike may "indicate potential capital flight" from Iran. Early tracing showed a substantial share of funds moving to overseas crypto exchanges. The firm noted this can serve as a channel to move money abroad while partially bypassing monitoring by the global banking system.

The withdrawal flow later fell sharply. Another blockchain forensics firm, TRM Labs, attributed this to the Iranian government’s strict internet shutdown measures. According to TRM, Iran’s internet connectivity dropped by as much as about 99% in the immediate aftermath of the conflict.

TRM took a cautious stance on Elliptic’s "capital flight" interpretation. TRM said that rather than signs that Iran’s crypto ecosystem is accelerating or that large-scale capital flight is occurring, activity appears to have broadly contracted as trading volumes and engagement were suppressed due to the internet shutdown.

The surge in withdrawals came as the United States and Israel press ahead with military operations aimed at weakening Iran’s leadership and disabling its nuclear and missile programs. Iran has responded with strikes on neighboring areas, heightening tensions across the Middle East.

Meanwhile, Nobitex is the country’s largest exchange, handling about 87% of Iran’s crypto trading volume. As of 2025, it processed roughly $7.2 billion in transactions and is said to have more than 11 million users.