The timing caught attention. Based on reports, the jump began almost immediately after confirmation of military action. Digital assets were shifted to external wallets and, in some cases, to overseas exchanges.
For many Iranians who already face sanctions and banking limits, crypto has become one of the few ways to move value across borders.
Nobitex has long operated in a gray zone shaped by sanctions and capital controls. Crypto use in the country has grown over the years as access to global finance tightened. During past waves of unrest, similar patterns were recorded, though not always at this scale.
Internet Blackout Slows The Flow The rush did not last. Reports note that internet connectivity across Iran dropped by about 99% shortly after the strikes, limiting further transfers. With connections cut or heavily restricted, the stream of outgoing crypto transactions slowed to a trickle.
TRM Labs, another blockchain analytics firm, said the spike may reflect short-term panic rather than an organized effort to move large pools of capital. A sharp move from a low base can look dramatic in percentage terms.
Iran’s economy has been under strain for years. Sanctions tied to its nuclear program and regional policies have limited trade and weakened the national currency. Crypto mining and trading, at times tolerated and at other times restricted, have offered an alternative path for some citizens and businesses.
For a few tense hours, crypto became a lifeline for some users in Iran. Then the cables went dark, and the flow slowed.
Featured image from Pixabay, chart from TradingView
