Iran’s Largest Crypto Exchange Shows no Capital Flight after Strikes: TRM
TRM Labs found no evidence of user-driven capital flight from Iran's largest crypto exchange, Nobitex, following recent strikes.Summary
Following US-Israeli strikes on Iran starting February 28, TRM Labs analyzed on-chain activity for Nobitex, Iran’s largest crypto exchange, and found no signs of sustained, user-driven capital flight. Although there was an immediate spike in activity, including $35 million moved from hot wallets to cold storage, TRM concluded these movements aligned with routine internal treasury and liquidity management, not user withdrawals. Nobitex, which has processed tens of billions in volume since 2019, previously recovered from a $90 million hack in June 2025 by utilizing reserves from Bitcoin mining. Separately, a Chainalysis report noted that overall digital asset outflows from Iranian exchanges jumped significantly, with hourly outflows briefly surging up to 873% above the 2026 average, suggesting ordinary Iranians might be moving funds to self-custody or that exchanges were shifting liquidity amid sanctions pressure.
(Source：Cointelegraph)