Crypto outflows spike 700% on largest Iranian exchange following US-Israeli attack on Saturday: Elliptic
Crypto outflows from Iran's largest exchange, Nobitex, surged 700% after the US-Israeli attack, potentially indicating capital flight.Summary
Following the U.S. and Israeli-led attacks on Iran, analytics firm Elliptic reported a 700% spike in crypto outflows from Nobitex, the country’s largest cryptocurrency exchange, reaching nearly $3 million. This surge potentially represents capital flight from Iran, with funds being sent to overseas exchanges. Iran has increasingly relied on crypto to circumvent sanctions, with its Central Bank acquiring $507 million in USDT earlier this year. The U.S. has imposed sanctions on several crypto exchanges linked to Iran, including Zedcex and Zedxion, and is investigating Binance for potential sanctions evasion. Nobitex, which processes billions in crypto transactions annually, was previously hacked by a pro-Israel group. Despite the geopolitical tensions, broader crypto markets have shown relatively little systemic stress.
(Source：The Block)