Following missile attacks on Tehran by the US and Israel, Iran’s largest cryptocurrency exchange, Nobitex, experienced a sevenfold increase in crypto transfers. This surge signals a rapid attempt to move capital out of the country, severely impacting Iran’s financial system. According to blockchain analytics firm Elliptic, Nobitex processed $7.2 billion in crypto transactions in 2025 and serves over 11 million users. Nobitex enables Iranians to convert their rial into cryptocurrency and transfer it abroad, circumventing sanctions and banking restrictions. Elliptic’s research indicates that these funds are directed toward foreign exchanges that have historically received substantial capital outflows from Iran. Earlier in the year, crypto transfers also spiked amid anti-government protests and the announcement of US sanctions. The crypto market showed volatility immediately after the attacks, with Bitcoin prices dropping sharply before a brief recovery; however, ongoing Iranian hostilities have prevented market stabilization. This crisis is affecting not only the crypto market but also the global energy sector, as Iran’s Revolutionary Guards have halted maritime traffic through the Strait of Hormuz, a critical route for nearly 20% of the world’s oil supply, likely driving oil prices higher. The situation highlights cryptocurrency’s key feature of operating outside traditional financial systems, serving as a means to preserve capital, while simultaneously placing crypto at the forefront of global political and financial conflicts involving sanctions and economic warfare.
Source: bitcoinmagazine
