Nobitex Exchange Witnesses 700% Withdrawal Surge Amid Tehran Airstrikes

TLDR

• Nobitex, Iran’s dominant cryptocurrency exchange, experienced a 700% increase in withdrawal activity immediately following US-Israeli military strikes on Tehran over the weekend.
• Withdrawal volumes reached approximately $3 million during a single hour, with significant amounts transferred to international exchanges.
• Elliptic analysts characterized the movement as possible “capital flight,” though TRM Labs contended that nationwide internet disruptions were the primary factor limiting crypto activity.
• Government-imposed internet restrictions reduced Iran’s connectivity by roughly 99% following the strikes, effectively disconnecting the majority of users.
• Nobitex and additional Iranian crypto platforms subsequently ceased operations, with blockchain records indicating suspended outbound transactions from the platform’s Ethereum wallet.

Iran’s dominant cryptocurrency platform experienced an extraordinary withdrawal spike moments after military airstrikes struck Tehran on Saturday.

Nobitex, responsible for approximately 87% of Iranian cryptocurrency trading volume, registered withdrawal increases exceeding 700% almost instantly following the initial strikes. The exchange facilitated roughly $7.2 billion in trading activity for over 11 million registered users throughout 2025.

Blockchain intelligence provider Elliptic documented that outflows exceeded $500,000 within the first few minutes, subsequently escalating to approximately $3 million during a single hour period later that same day.

However, this assessment didn’t receive universal agreement among industry observers.

Competing blockchain forensics provider TRM Labs characterized the withdrawal spike as temporary and suggested the subsequent decline resulted from state-mandated internet shutdowns rather than widespread capital exodus.

Iran’s internet infrastructure experienced approximately 99% connectivity loss immediately following the conflict’s onset, TRM reported. The organization concluded that Iran’s cryptocurrency market wasn’t displaying characteristics of capital flight, but rather experiencing a “downturn in both transactions and volume.”

Exchange Outages and On-Chain Slowdowns

By March 2, blockchain analytics provider Chainalysis confirmed that multiple Iranian cryptocurrency exchanges, including Nobitex and Ramzinex, had ceased online operations.

These platform shutdowns may stem from government-mandated internet restrictions or potential physical infrastructure damage resulting from the bombing campaign.

Blockchain data highlighted by Arkham Intelligence revealed that Nobitex had suspended outgoing transactions from its Ethereum wallet during the 48-hour period following the strikes.

TON-based transactions on the exchange persisted, although analysts identified patterns suggesting automated bot activity. Dogecoin currently represents the largest cryptocurrency asset held within the Nobitex platform’s reserves.

Iran’s Fragile Financial Backdrop

Cryptocurrency has historically functioned as an essential financial mechanism for Iranian citizens navigating the nation’s volatile banking infrastructure and comprehensive international sanctions regimes.

In October 2025, Ayandeh Bank, among Iran’s largest private financial institutions, declared bankruptcy following accumulated losses of $5.1 billion and outstanding debts approaching $3 billion. The institutional failure impacted over 42 million account holders.

Iran’s monetary authority had previously issued warnings that eight additional domestic banks faced potential closure absent significant structural reforms.

Nobitex itself suffered an $81 million security breach in June 2025. The platform has also faced allegations of connections to Iran’s Islamic Revolutionary Guard Corps and reports suggested Iran’s Central Bank utilized the exchange for supporting the national currency, the rial.

The military strikes on Tehran catalyzed the withdrawal surge as tensions between the United States, Israel, and Iran continued intensifying throughout the weekend.

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