In Tehran millions of dollars’ worth of cryptocurrency assets flowed out of Iranian digital exchanges in the hours and days after Iran was hit by recent U.S. and Israeli airstrikes, according to blockchain research firms.

Blockchain analytics data shows that outflows from local platforms surged sharply immediately following the weekend attacks, with hourly transfers exceeding $2 million at times and total outflows reaching roughly $10 million between Feb. 28 and March 2.

On Iran’s largest crypto exchange Nobitex, outgoing transaction volumes spiked as much as 700 % within minutes of the first strikes, as users moved funds off the platform and, in many cases toward foreign exchanges.

Analysts say the activity reflects heightened risk perceptions among traders and investors amid the conflict. Some transfers may represent ordinary Iranians safeguarding assets, while others could be exchanges repositioning liquidity or participants seeking to move capital internationally.

The U.S. is also examining whether crypto channels are being used to circumvent sanctions, although blockchain data cannot conclusively determine who is behind the recent transfers.

The surge underscores the growing role of digital assets in Iran’s economy and how geopolitical shocks can trigger rapid on-chain movements.

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