Iranian Crypto Outflows Surge Post-Airstrikes
- On-chain activity from Iranian exchanges spiked with $10.3 million in crypto outflows between February 28 and March 2.
- Hourly outflows exceeded $2 million following US-Israeli airstrikes on February 28, surpassing typical volumes.
- Iran’s central bank accumulated $507 million in Tether’s USDT stablecoin over the past year to stabilize the rial.
- UK-registered exchanges Zedcex and Zedxion moved $619.1 million for the IRGC in a single year, making up most of their transaction volume.
The surge in exchange activity coincided with geopolitical tensions, highlighting the role of crypto as an alternative financial channel amidst sanctions and economic instability.
This data reflects how Iranians may be seeking financial security through crypto amid political turmoil, while state-linked actors potentially use these channels for sanctioned activities. (Source)
