Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesStocksEarnInstitutionAI & More
Iran’s largest crypto exchange shows no clear signs of capital flight: TRM

Iran’s largest crypto exchange shows no clear signs of capital flight: TRM

CointelegraphCointelegraph2026/03/04 11:36
By:Cointelegraph

Nobitex, Iran’s largest crypto exchange, showed no signs of a sustained, user-driven run after US-Israeli strikes on Iran, even as blockchain data indicated a brief spike in activity and higher outflows from Iranian exchanges more broadly, according to separate analyses from TRM Labs and Chainalysis.

The report, which examined onchain activity around Nobitex after US-Israeli strikes on Iran began on Feb. 28, found that the platform recorded a noticeable increase in activity in the immediate aftermath of the strikes, including transfers exceeding $35 million from hot wallets to cold storage. However, TRM said the transfers were likely part of the exchange’s internal treasury operations.

“Based on historical behavior and wallet attribution, these movements aligned with routine liquidity management rather than user-driven withdrawals,” the report states.

Iran’s largest crypto exchange shows no clear signs of capital flight: TRM image 0
Activity across Nobitex. Source: TRM

Nobitex sits at the center of Iran’s crypto ecosystem. TRM estimated that the exchange has processed tens of billions of dollars in transaction volume since 2019, including more than $5 billion since 2025 alone.

Related: US military used Anthropic in Iran strike despite ban order by Trump: WSJ

Nobitex uses Bitcoin mining reserves to recover from hack

In June 2025, Nobitex suffered a $90 million hack after a cyberattack attributed to the Israel-linked hacking group Predatory Sparrow. The breach exposed details of Nobitex’s internal architecture, including a multi-layer custody structure separating hot, warm and cold wallets, as well as automated routing systems designed to manage transactions across different networks.

Following the hack, Nobitex relied in part on reserves tied to earlier Bitcoin (BTC) mining activity to stabilize operations. TRM revealed that about $2.7 million was consolidated from more than 100 dormant mining-linked wallets shortly after the incident, suggesting the exchange mobilized previously unused funds while restoring services.

Despite operational disruptions, Nobitex resumed activity in stages later in 2025.

Related: 6 Polymarket traders net $1M on US-Iran strike, spark insider fears: Report

Crypto outflows from Iranian exchanges jump

Meanwhile, a Chainalysis report revealed that about $10.3 million in digital assets left Iranian exchanges between Feb. 28 and March 2. Hourly outflows briefly surged to levels as much as 873% higher than the 2026 average.

Iran’s largest crypto exchange shows no clear signs of capital flight: TRM image 1
Iranian crypto outflows. Source: Chainalysis

The report said that the transfers may represent ordinary Iranians moving funds into self-custody to hedge against economic instability, while others may involve exchanges shifting liquidity or creating new wallets to obscure activity under sanctions pressure. Another possibility is that state-aligned actors are using domestic exchanges to move funds across borders.

Magazine: Bitcoin may take 7 years to upgrade to post-quantum — BIP-360 co-author


0
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

Understand the market, then trade.
Bitget offers one-stop trading for cryptocurrencies, stocks, and gold.
Trade now!

You may also like

Nvidia falls to its lowest valuation in 14 years! "Super bull" Tom Lee calls for bottom fishing, retail investors are buying more as it drops, but Wall Street is divided

After the market opened on Thursday, retail investors went against the trend and bought up Nvidia, with net purchases reaching $111 million in just half an hour, setting a record for the same period. Investors such as Tom Lee have publicly supported the company, with institutions optimistic about strong order backlogs extending to 2028, robust revenue growth, and opportunities created by declining valuations. Meanwhile, institutions like Bernstein and Goldman Sachs have become more cautious about Nvidia's outlook, with concerns focusing on management succession and technological leadership following Jensen Huang's departure.

华尔街见闻•2026/11/13 11:29
Nvidia falls to its lowest valuation in 14 years! "Super bull" Tom Lee calls for bottom fishing, retail investors are buying more as it drops, but Wall Street is divided

From SpaceX to Anthropic, the market has new strategies for dealing with tech giants' IPOs

The market's response strategies to major listings are currently centered around "index inclusion expectations": the new regulations allow mega IPOs to be included in the six major indices within 15 days, triggering concentrated buying by passive funds. Investors are positioning themselves in advance and using options to hedge and amplify buying power. However, Anthropic has a free float of only about 6%; shares available for sale by employees on the first day and privately placed shares with no lock-up period may create supply pressure. On the other hand, index arbitrageurs are facing a rare opportunity.

华尔街见闻•2026/11/13 11:01
From SpaceX to Anthropic, the market has new strategies for dealing with tech giants' IPOs