Iran Crypto Outflows Rose 700% After US-Israel Attack

Following airstrikes by the US and Israel on Tehran, crypto outflows from Iran's top exchange, Nobitex, dramatically increased by over 700%, reaching more than $500,000 within minutes, with hourly outflows later hitting nearly $3 million. Elliptic suggested this represented capital flight, as funds were moved to foreign exchanges to bypass global banking scrutiny. However, subsequent sharp drops in outflows were attributed by TRM Labs to strict internet blackouts enforced by the Iranian regime, which caused connectivity to fall by approximately 99%. TRM Labs countered the capital flight conclusion, arguing the ecosystem was experiencing a downturn in volume due to regime restrictions. Iranians continue to rely on crypto due to a fragile domestic banking system, highlighted by the recent bankruptcy of Ayandeh Bank and ongoing sanctions.

(Source：Cointelegraph)