Analysis: Iran's largest crypto exchange Nobitex has not experienced a sustained run; fund movements may be internal transfers

BlockBeats news, March 4, according to Cointelegraph, independent analyses by TRM Labs and Chainalysis show that after the US and Israel launched strikes against Iran, Iran's largest crypto trading platform Nobitex did not experience sustained, user-driven withdrawal runs. Although on-chain data indicates that major Iranian trading platforms saw brief surges in activity and increased capital outflows on a broader scale.

The report reviewed Nobitex's on-chain activity since the US and Israel launched strikes against Iran on February 28. The results show that shortly after the strikes, activity on the platform increased significantly, including transactions involving more than $35 million transferred from hot wallets to cold wallets. However, TRM stated that these transfers were most likely internal fund management operations by the exchange, rather than panic withdrawals by users.