Iranian cryptocurrency exchanges saw a significant spike in outflows immediately following recent U.S.-Israeli airstrikes, with roughly $10.3 million moving off platforms in the days after the February 28 attacks. Blockchain analytics firm Chainalysis reported the surge, noting the activity aligns with a historical pattern where geopolitical shocks trigger increased crypto movement in the sanctioned nation.
Iranian crypto exchanges recorded a sharp burst of on-chain activity in the hours following joint U.S.-Israeli airstrikes on February 28. Approximately $10.3 million in cryptoasset outflows occurred between February 28 and March 2, according to a new report from blockchain analytics firm Chainalysis.
Hourly outflows from major Iranian platforms climbed sharply once news of the strikes broke, approaching or exceeding $2 million. These volumes were well above typical levels for that time frame, as detailed in the report. Total crypto activity tied to Iran reached $7.8 billion in 2025, driven by economic pressures and sanctions.
The authors wrote that it is “too early to say how much of the activity” reflects ordinary citizens moving into self-custody, exchanges reshuffling liquidity, or state-aligned actors repositioning funds. Meanwhile, Iran’s central bank accumulated $507 million in Tether’s USDT stablecoin over the past year, routing most through its largest exchange, Nobitex.
TRM Labs also found that two UK-registered crypto exchanges, Zedcex and Zedxion, moved $619.1 million on behalf of the IRGC in 2024 alone. Chainalysis identified three plausible explanations for the post-airstrike data, including ordinary Iranians pulling funds, exchanges cycling funds for privacy, and state-linked actors moving funds.
Several factors complicate any immediate reading of the data, Chainalysis said, citing past internet blackouts that muted retail access. Apparent withdrawals may also end at exchange- or state-controlled wallets, while cyber and seizure risks drive liquidity reshuffling.
Iran’s Ministry of Defence Export Center, Mindex, began accepting crypto as payment for weapons sales in early 2026. Crypto functions as an “alternative payment rail to facilitate cross-border trade” in the face of sanctions, according to Andrew Fierman of Chainalysis.
