Elliptic Says Iran Crypto Outflows Soared 700% Following U.S.-Israeli Attacks

TLDR

• Crypto outflows from Iran surged 700 percent within minutes of the U.S.-Israeli airstrikes on Tehran.
• Elliptic reported that users rapidly moved funds from Nobitex to offshore exchanges.
• The firm said the withdrawals showed possible capital flight outside traditional banking channels.
• Previous events, such as protests and sanctions announcements, also triggered sharp increases in Iranian crypto activity.
• Bitcoin and Ether both dropped after the strikes as market reaction spread across major tokens.

Iran crypto activity surged within minutes of coordinated attacks as traders rapidly moved funds offshore, and data from Elliptic showed a sharp reaction across markets as withdrawals accelerated through leading exchange Nobitex, and the rush created immediate pressure on trading flows.

Crypto outflows spike after Tehran strikes

Elliptic reported a 700% jump in crypto outflows from Nobitex after U.S.-Israeli airstrikes hit Tehran, and the firm stated that wallets moved funds to foreign platforms quickly. The analysis said traders acted fast as transfers left domestic channels, and the firm called the pattern “capital flight that bypasses the banking system.”

The platform processes billions in yearly transactions, and it enables users to convert rials into various assets, which can then exit the country. The firm previously linked the exchange to flows tied to state-aligned actors, and its latest report showed rapid reactions during geopolitical shocks.

The firm said earlier events also triggered rapid activity, and it cited a large jump on Jan. 9 after protests and an internet shutdown. It said two later surges followed new sanctions on Iranian entities, and those movements suggested efforts to soften pressure on domestic markets.

Reports have long tracked rising crypto use inside Iran, and data indicated billions moved each year across retail and state-linked networks. Authorities in previous assessments reviewed whether platforms helped sanctioned actors reach foreign liquidity, and the current pattern aligned with prior flows.

Market reactions across major coins

Bitcoin traded lower after the strikes hit Iran, and BTC briefly slid below $64,000 before recovering part of its losses. The token later moved near $65,500 as trading steadied, and analysts watched liquidity shift across exchanges.

Ether also dropped after the airstrikes, and ETH traded near $1,930 during the session as volumes fluctuated. Other large tokens fell in early trade, though several stayed above earlier levels, and the broader market absorbed fast-moving geopolitical headlines.

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