Crypto Outflows from Iran Exchanges Surge 873%, Led by Nobitex
Blockchain analytics firms report a sharp spike in withdrawals from Iran’s Nobitex exchange minutes after Feb. 28 airstrikes, though researchers disagree on whether the movement signals capital flight or internal security-driven wallet rebalancing.
Crypto withdrawals from Iran’s largest exchange, Nobitex, surged by about 873% within minutes of the Feb. 28 airstrikes, according to blockchain analytics cited by CoinDesk. Chainalysis flagged the spike as a potential sign of capital flight, while Elliptic reported continuing outflows of roughly $1 million per day to overseas exchanges despite nationwide internet disruptions. However, TRM Labs argues the activity largely reflects internal hot-to-cold wallet rebalancing by Nobitex to secure funds during escalating geopolitical tensions, noting that the total movement amounted to only a few million dollars and lacked the sustained transaction patterns typically associated with large-scale user withdrawals.
- Hot-to-cold wallet rebalancing: The process of moving cryptocurrency from internet-connected hot wallets to offline cold wallets to improve security and reduce the risk of cyberattacks.
- Capital flight: The large-scale movement of assets or funds out of a country during political or economic instability to preserve value or avoid risk.
- Nobitex: Iran’s largest cryptocurrency exchange, widely used domestically for trading digital assets such as Bitcoin and Ethereum.