Iranian cryptocurrency exchange Nobitex’s outflows surged by a whopping 700% as per an Elliptic report on Monday, following the beginning of the U.S.-Iran conflict, which saw missile attacks in Iran and the wider Middle East.
Elliptic’s report said outgoing transaction volumes spiked by 700%, and instances of outgoing volume going up have been noted since the beginning of the year.
Residents in Iran, Russia, and other countries with poor currency value and weak banking systems often use cryptocurrency to preserve the value of their savings and income.
Nobitex was responsible for $7.2 billion in outflows and inflows in 2025. It is one of the country’s largest cryptocurrency exchanges and represents a huge part of the digital asset ecosystem.
“The surge in cryptoasset outflows last Saturday potentially represents capital flight from Iran. Nobitex allows rials to be converted to cryptoassets, which can then be withdrawn to any external wallet,” read the Elliptic report.
“This allows funds to be moved out of Iran while avoiding some of the scrutiny of the global banking system,”
Other notable surges that began since the start of the year were linked to an internet blackout following protests and U.S. sanctions.
Source: Elliptic
Last year, Nobitex suffered a $90 million hack as part of an attack by hacking group Predatory Sparrow.