Iran’s largest crypto exchange shows no clear signs of capital flight: TRM

TRM said a post-strike spike in Nobitex wallet activity looked like routine liquidity moves, even as Chainalysis flagged higher outflows from Iranian exchanges overall.

Nobitex, Iran’s biggest crypto exchange, showed no signs of a sustained, user-driven run after US-Israeli strikes on Iran, even as blockchain data indicated a brief spike in activity and higher outflows from Iranian exchanges more broadly, according to separate analyses from TRM Labs and Chainalysis.

The TRM report, which examined onchain activity around Nobitex after US-Israeli strikes on Iran began on Feb. 28, found that the platform recorded a noticeable increase in activity in the immediate aftermath, including transfers exceeding $35 million from hot wallets to cold storage. However, TRM said the transfers were likely part of the exchange’s internal treasury operations.

“Based on historical behavior and wallet attribution, these movements aligned with routine liquidity management rather than user-driven withdrawals,” the report said.

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