Iran’s cryptocurrency transaction volume plummeted by approximately 80% following coordinated U.S. and Israeli military strikes on February 28 that resulted in the death of Supreme Leader Ayatollah Ali Khamenei. A report by TRM Labs attributes this sharp decline primarily to internet restrictions imposed after the attacks, although the firm emphasizes that Iran’s crypto ecosystem remains operational and “structurally sound.” Major exchanges like Nobitex and Wallex are still functioning, albeit with limited services such as temporarily suspended withdrawals and issued risk guidance. Meanwhile, TRM challenges claims of capital flight suggested by Elliptic, interpreting recent transaction data as indicative of access limitations rather than a failure of market infrastructure.
TRM Labs reports 80% drop in Iran’s crypto volume post-strikes
