Iran's largest cryptocurrency exchange, Nobitex, experienced a dramatic 700% surge in outflows immediately following U.S.-Israeli airstrikes on Tehran on Saturday, March 2, 2026. Blockchain analytics firm Elliptic reported that outflows topped $500,000 within minutes of the strikes and climbed to nearly $3 million in a single hour later that day.
Nobitex, which handles approximately 87% of Iran's crypto transaction volume and processed $7.2 billion in trades for over 11 million users in 2025, became the focal point of what analysts described as potential "capital flight" from the country. Elliptic's initial tracing indicated many funds were sent to foreign crypto exchanges, allowing movement out of Iran while avoiding scrutiny from the global banking system.
The timing coincided with a severe internet blackout, with Iran's connectivity dropping by approximately 99% shortly after the conflict began. This led to conflicting interpretations of the data. While Elliptic pointed to capital flight, fellow analytics platform TRM Labs attributed the subsequent drop-off in activity to government-enforced internet restrictions rather than a sustained mass exit of capital. TRM stated Iran's crypto ecosystem was showing a "downturn in both transactions and volume."
By March 2, several Iranian exchanges, including Nobitex and Ramzinex, had gone offline. The shutdowns are believed to be linked to government-ordered internet restrictions or physical infrastructure damage from the bombings. On-chain data from Arkham Intelligence showed Nobitex had halted outgoing transactions on its Ethereum address in the two days following the strikes, though TON transactions continued with suspected bot activity.
The event highlights crypto's role as a critical financial tool in Iran, where citizens navigate an unstable banking system and international sanctions. The backdrop includes the October 2025 bankruptcy of Ayandeh Bank, one of Iran's largest private banks, with $5.1 billion in losses. Nobitex itself was hacked for $81 million in June 2025 and has historical ties to financial activities linked to Iran's Islamic Revolutionary Guard Corps (IRGC).
