Iranian crypto outflows jump 700% after Tehran strikes: Elliptic

In its blog post, the firm reported that transactions left Nobitex almost immediately after the strikes, with users sending assets to foreign platforms Elliptic has previously identified as common destinations for Iran-linked funds.

Elliptic’s co-founder and chief scientist, Dr. Tom Robinson, described the activity as “potentially” representing capital flight from Iran that bypasses the traditional banking system.

The spike followed coordinated U.S. and Israeli attacks over the weekend on multiple targets in Iran that killed Supreme Leader Ayatollah Ali Khamenei.

Market moves followed the news. Crude prices rose on supply concerns, major stock indexes pulled back, and digital assets fell before steadying. Bitcoin briefly dropped below $64,000, then traded around $65,500, down more than 2%. Ether was about 3.8% lower near $1,930, with several other large tokens recouping part of their initial declines.

Nobitex allows users to convert Iranian rials into cryptocurrencies and withdraw to external wallets. The exchange processed $7.2 billion in crypto transactions in 2025 and reports more than 11 million users, according to Robinson.

Elliptic has linked the exchange to financial flows associated with the Islamic Revolutionary Guard Corps and wrote in January that Iran’s central bank appeared to use the platform to support the weakening rial.

The firm also flagged earlier 2026 spikes in Iranian crypto outflows: the largest on January 9 after widespread anti-government protests and an internet blackout, and two more following new U.S. sanctions targeting Iranian actors. According to analysts, the timing suggested crypto transfers may be used to cushion the impact of sanctions.

Previous assessments cited by Elliptic and government authorities put Iran-linked crypto activity in the billions of dollars annually, involving retail users and, according to officials, sanctioned entities moving funds or obtaining hard currency outside traditional channels.