Iran Crypto Outflows Spike 700% Minutes After US-Israeli Airstrikes, Elliptic Reports
Blockchain analytics firm Elliptic detected a 700% surge in outflows from Iran's largest crypto exchange Nobitex within minutes of the joint US-Israeli military strikes.
Nobitex sees massive withdrawal spike as airstrikes begin
Blockchain analytics firm Elliptic has reported a 700% surge in outgoing cryptocurrency transactions from Nobitex, Iran's largest crypto exchange. The spike occurred within minutes of the launch of a joint US-Israeli military operation against Iran.
"🚨 Iranian cryptoasset outflows surge 700% within minutes of airstrikes. Elliptic analysis shows a 700% surge in outflows from Iranian exchange Nobitex within minutes of the first US-Israeli airstrikes. Surges have been occurring since January, coinciding with new US sanctions…" — Elliptic (@elliptic), original post
According to Elliptic, Nobitex processed $7.2 billion in digital asset transactions throughout 2025 and maintains a user base of 11 million accounts. Analysts also noted the platform's close ties to the financial activities of Iran's Islamic Revolutionary Guard Corps.
Why this matters
The dramatic withdrawal surge highlights the role digital currencies play as capital flight instruments during geopolitical crises. Nobitex allows users to convert Iranian rials into cryptocurrencies, which can then be transferred to any external wallet — a pathway that, according to Elliptic specialists, enables users to circumvent capital controls enforced by the international banking system.
Elliptic analysts stated that Saturday's sharp increase in outflows potentially indicates large-scale capital flight from Iran.
A pattern of outflow spikes throughout 2026
The latest surge was not an isolated event. Elliptic identified multiple similar spikes in outgoing transactions from Nobitex earlier this year. The largest occurred on January 9, during mass protests in Iran that were accompanied by government-imposed internet shutdowns. This suggests that a certain category of exchange users retained access to the platform even under network blackout conditions.
Two additional outflow spikes coincided with the announcement of new US sanctions targeting Iranian officials. The correlation between sanctions announcements and rising withdrawal volumes suggests that cryptocurrencies were potentially being used to evade the newly imposed restrictions, Elliptic analysts noted.
Blockchain transparency cuts both ways
Elliptic emphasized the dual nature of these findings. The same on-chain data that revealed the outflow surges also enables regulators and law enforcement agencies to trace subsequent capital movements. According to the firm, blockchain provides faster and more precise tracking of financial flows compared to traditional banking instruments.
Earlier in January 2026, Elliptic uncovered a $507 million USDT purchase by Iran's central bank — another instance of significant crypto adoption by Iranian state institutions.
Frequently Asked Questions
How much did crypto outflows from Iran increase after airstrikes?
According to Elliptic, outflows from Iran's largest exchange Nobitex surged by 700% within minutes of the joint US-Israeli airstrikes on March 2, 2026. The spike suggests potential large-scale capital flight from the country.
What is Nobitex exchange and how big is it?
Nobitex is Iran's largest cryptocurrency exchange with 11 million user accounts. The platform processed $7.2 billion in digital asset transactions in 2025. Elliptic has linked it to the financial operations of Iran's Islamic Revolutionary Guard Corps.
How is Iran using crypto to evade sanctions?
Nobitex enables users to convert Iranian rials into cryptocurrencies that can be withdrawn to external wallets, bypassing international banking controls. In January 2026, Elliptic also uncovered a $507 million USDT purchase by Iran's central bank.
Were there other crypto outflow spikes from Iran in 2026?
Yes, Elliptic identified multiple spikes before the March 2 event. The largest occurred on January 9 during mass protests and an internet shutdown in Iran. Two additional surges coincided with new US sanctions announcements against Iranian officials.
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