According to TRM Labs, Iran’s biggest crypto exchange, Nobitex, has not displayed any definite signs of capital flight after the US and Israeli strikes on Iran. The exchange’s activities after the brief jump in volume were more likely its normal liquidity management rather than withdrawals made by the users.
Nobitex’s Robust Liquidity Management
TRM’s study unearths that Nobitex’s transactions went up right after the strikes, with the amount transferred from hot wallets to cold storage exceeding $35 million.
Even so, these transactions were a part of one of the exchange’s historical patterns and the wallet attribution method, hence indicating regular treasury interventions instead of withdrawals resulting from panic. Since 2019, Nobitex has generated a transaction volume of tens of billions of dollars, including over $5 billion just from 2025.
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Recovery from the Cyberattack
Nobitex’s strength is clearly demonstrated by its recovery after the hack, which caused a loss of $90 million in June 2025. The attack was blamed on Israel, linked to the hacking group Predatory Sparrow.
To keep the business running, the exchange had to depend on Bitcoin mining reserves for a cash injection; thus, it got hold of $2.7 million from mining, linked to wallets that had been inactive for a long time. Nobitex slowly but surely became fully operational later in 2025, after a period of disruption.
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Crypto Outflows from Iranian Exchanges
On the other hand, Chainalysis claims that the value of digital assets moving out of Iranian exchanges was approximately $10.3 million between February 28 and March 2, with the rate of outflows per hour spiking to 873% above the 2026 average.
Also Read: Suspected Insider Profits $1 Million from Polymarket After U.S. Strikes on Iran