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Elliptic Reports 700% Surge in Crypto Outflows from Iran Exchange After Airstrikes

Elliptic Reports 700% Surge in Crypto Outflows from Iran Exchange After Airstrikes

According to blockchain analytics firms Elliptic and TRM Labs, crypto withdrawals from Iran’s Nobitex exchange surged about 700% shortly after reported U.S. and Israeli airstrikes on Tehran, before an internet blackout across the country sharply slowed further transfers.

Fact Check
The claim directly references a report by Elliptic, which is a recognized blockchain analytics firm with strong authority in on-chain investigations. Their own blog specifically describes a 700% increase in cryptocurrency outflows from the Iranian exchange Nobitex following US-Israeli airstrikes. This constitutes primary, firsthand reporting of the data analysis leading to that figure. Supporting secondary coverage from other outlets largely repeats Elliptic’s findings without contradiction. Although other sites vary in authority and relevance, none present evidence refuting or disputing Elliptic’s data. Given Elliptic’s methodological credibility and the availability of its public report, the statement that 'Elliptic reported a 700% increase in cryptocurrency outflows from an Iran-based exchange following airstrikes' is accurate as a description of what Elliptic published. The probability that the statement itself is true is therefore high, though absolute certainty about the underlying data’s accuracy depends on Elliptic’s proprietary analysis, not independently verified by external sources.
Summary

Blockchain analytics firm Elliptic reported a roughly 700% surge in cryptocurrency outflows from Nobitex, Iran’s largest exchange, shortly after reports of U.S. and Israeli airstrikes on Tehran. Transfers worth millions of dollars were sent to external wallets and overseas exchanges within minutes of the first confirmed strikes. The spike was brief, however, as internet connectivity across Iran reportedly dropped by about 99%, severely limiting additional transactions. TRM Labs said the sudden increase may reflect short-term panic by users attempting to move funds during geopolitical uncertainty rather than a coordinated capital flight. Crypto has increasingly served as a financial workaround in Iran due to sanctions, banking restrictions, and currency weakness, though the surge did not significantly impact global crypto prices.

Terms & Concepts
  • Nobitex: Iran’s largest cryptocurrency exchange, widely used by local traders and businesses to access digital asset markets despite international sanctions and banking restrictions.
  • Blockchain analytics firm: A company that analyzes blockchain transaction data to track fund flows, detect patterns, and identify unusual activity across cryptocurrency networks.
  • External wallets: Cryptocurrency wallets not controlled by an exchange, allowing users to store or transfer digital assets independently of centralized trading platforms.