Analysis: Iran's largest cryptocurrency exchange, Nobitex, did not experience a continued run on the bank; fund movements may have been due to internal reallocation

BlockBeats News, March 4th, according to Cointelegraph, independent analyses by TRM Labs and Chainalysis showed that following the US strike on Iran, Iran's largest crypto exchange platform, Nobitex, did not experience sustained, user-driven withdrawals. Although on-chain data indicated that major Iranian exchanges saw a temporary surge in activity and outflows.

The report examined Nobitex's on-chain activities since the US strike on Iran on February 28th. The results revealed that shortly after the strike, the platform's activity notably increased, including transactions of over $35 million from hot wallets to cold wallets. However, TRM stated that these transfers were likely part of the exchange's internal fund management operations rather than due to user panic withdrawals.