Over $10 million moved from Iranian exchanges in days following attacks; reasons remain uncertain
Outflows from Iranian cryptocurrency exchanges surged in the hours after U.S. and Israeli strikes on Iran on Saturday, according to two blockchain analytics firms, highlighting the growing role of digital assets in the country amid geopolitical shocks.
U.S.-based Chainalysis reported that funds leaving Iranian exchanges jumped to over $2 million in the hour immediately after the attacks, which were first reported by Reuters around 0615 GMT on Saturday. Overall, Chainalysis said about $10.3 million left Iranian crypto platforms between Saturday and Monday.
British blockchain researchers Elliptic noted 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 outflows. Nobitex was not available for comment.
Experts caution that it is unclear who moved the funds or their exact motivations. Chainalysis said some movements likely reflect ordinary Iranians responding to rising risk, while others could involve exchanges reshuffling liquidity or state-aligned actors transferring funds. Elliptic added that initial tracing suggested money was sent to overseas exchanges, potentially representing capital flight, though TRM, another U.S. blockchain research firm, noted the flows more likely reflect stress-driven activity rather than systemic capital flight.
The data provides a window into Iran’s crypto ecosystem, which researchers say reached transaction volumes of $8-11 billion in 2025, fueled by both retail investors and state-linked actors. The United States has previously investigated whether some crypto platforms facilitated sanctions evasion by Iranian officials.
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