Iran's largest cryptocurrency exchange, Nobitex, exhibited no clear signs of a user-driven capital flight following recent geopolitical events. While blockchain data indicated a brief surge in activity and outflows from Iranian exchanges more broadly, TRM Labs analysis of Nobitex's onchain activity after February 28th showed a notable increase in operations. This included transfers exceeding $35 million from hot wallets to cold storage.
TRM Labs stated these movements aligned with routine liquidity management rather than user withdrawals, based on historical behavior and wallet attribution. Nobitex, a central player in Iran's crypto ecosystem, has processed tens of billions in transaction volume since 2019.
In June 2025, Nobitex recovered from a $90 million hack attributed to the hacking group Predatory Sparrow. The exchange utilized reserves from Bitcoin mining activity, consolidating approximately $2.7 million from dormant mining-linked wallets to stabilize operations and restore services.
Separately, Chainalysis reported that around $10.3 million in digital assets left Iranian exchanges between February 28th and Monday, with hourly outflows briefly surging significantly higher than the 2026 average. These transfers could represent individuals hedging against economic instability, exchanges managing liquidity, or state-aligned actors moving funds across borders.
