TRM sees no sustained capital flight at Iran's Nobitex after Feb. 28 strikes despite $10.3M outflows

Analyses by TRM Labs and Chainalysis indicate that Nobitex, Iran's largest crypto exchange, did not experience a prolonged user-driven run following US-Israeli strikes on Feb. 28, despite an initial spike in onchain activity and wider outflows from Iranian platforms. TRM attributed more than $35 million in transfers from Nobitex hot wallets to cold storage to internal liquidity management, while Chainalysis tracked about $10.3 million leaving Iranian exchanges and suggested users, exchanges or state-linked actors may be repositioning funds.