Crypto withdrawals
Missiles hit Tehran during a joint military operation by the US and Israel. Within minutes, cryptocurrency withdrawals from exchanges in Iran began to rise sharply. Data from blockchain analytics firm Chainalysis showed that about $10.3 million in crypto assets moved out of major Iranian exchanges between February 28 and March 2. In some hours, withdrawals were close to or above $2 million. The timing matched the first reports of airstrikes on the capital. Soon after, reports said Supreme Leader Ali Khamenei had been killed in the assault. That news increased uncertainty across the region.
Nobitex
Separate data from blockchain research firm Elliptic showed a sharper rise at Nobitex, Iran’s largest crypto exchange. The platform has more than 11 million users. Elliptic said withdrawals from Nobitex rose by 700% within minutes of the first strikes. Funds were moved to overseas exchanges that often handle Iranian trading activity. Analysts said this pattern suggests possible capital flight. Many users may have converted Iranian rials into crypto assets and sent them to wallets or exchanges outside the country.
Global markets
The military action marked the most serious escalation involving Iran since the June 2025 conflict. Global markets reacted quickly. Bitcoin fell by as much as 3.8% to around $63,255 before recovering above $68,000. Chainalysis said there could be several reasons for the surge: ordinary citizens may have moved funds to protect savings, or exchanges may have shifted assets as a precaution. There is also a possibility that state-linked entities moved funds during the crisis. Iran’s crypto market is estimated at about $7.8 billion. In past protests, crypto withdrawals also rose before internet shutdowns. Activity slowed during blackouts and resumed when access returned.
