Crypto outflows from Iran’s largest exchange surged more than 700% within minutes of US and Israeli airstrikes targeting Tehran, according to blockchain analytics firm Elliptic. Withdrawals exceeded $500,000 shortly after the strikes and approached $3 million within a single hour, based on transaction tracing data.
Elliptic said initial analysis indicated that a portion of the funds moved to foreign exchanges, potentially signaling capital flight amid rising geopolitical uncertainty. The firm noted that crypto channels may allow cross-border transfers outside traditional banking oversight, particularly in jurisdictions facing sanctions and financial restrictions.
However, transaction volumes declined sharply following reported nationwide internet disruptions. Separate analysis suggested that connectivity fell significantly after the escalation, limiting further on-chain activity. The episode underscores crypto’s dual role in sanctioned economies as both a liquidity tool during crises and a market sensitive to infrastructure constraints.
