Iran’s largest cryptocurrency exchange, Nobitex, saw a dramatic spike in outflows, rising 700% following the start of the U.S.-Iran conflict, according to a report by blockchain analytics firm Elliptic. The surge comes as missile strikes hit Iran and tensions escalate across the Middle East.
Elliptic noted that outgoing transaction volumes on Nobitex have been trending upward since the start of 2026. “The surge in cryptoasset outflows last Saturday potentially represents capital flight from Iran,” the report said. “Nobitex allows rials to be converted to cryptoassets, which can then be withdrawn to any external wallet. This allows funds to be moved out of Iran while avoiding some of the scrutiny of the global banking system.”
Residents in Iran, Russia, and other countries with weak currencies and limited banking options often turn to crypto to protect their savings. Nobitex processed $7.2 billion in inflows and outflows in 2025 alone, highlighting its central role in the country’s digital asset ecosystem.
The surge follows other crypto spikes earlier this year, linked to internet blackouts during protests and U.S. sanctions. Nobitex also faced a $90 million hack last year by the cybercrime group Predatory Sparrow, underscoring the risks in Iran’s crypto market.
Analysts say these outflows may signal broader financial instability in Iran. “Cryptocurrency offers a way for residents to preserve wealth and move capital in times of crisis,” said Alex de Vries, a blockchain economist.
With tensions in the Middle East escalating and sanctions tightening, Nobitex’s record outflows may only continue, making it a key indicator for investors monitoring the intersection of geopolitics and digital finance.
