The quantity of cryptocurrency transactions in Iran from January to July decreased by 11% in comparison with the identical interval in 2024. The primary causes cited are the hack of the Nobitex alternate and capital outflow attributable to political tensions, in keeping with a report by TRM Labs.
Analysts calculated that the overall transaction quantity amounted to $3.7 billion. The decline intensified after April: in June, it exceeded 50% year-on-year, and in July, it reached 76%. Nobitex maintained its dominant place, processing over 87% of all transactions within the nation. Of the $3 billion that handed by means of the platform, $2 billion was attributed to the TRON community.
The hack of Nobitex undermined person belief in native platforms. The incident was claimed by the pro-Israeli hacker group Gonjeshke Darande. The leak of the supply code revealed that the alternate offered authorities with entry to watch abnormal customers whereas defending the anonymity of VIP purchasers.
In July, Tether performed its largest freeze of Iran-linked funds, blocking 42 addresses. Following this, native customers started to change en masse from USDT to the DAI stablecoin on the Polygon community to keep up liquidity entry.
The Iranian authorities have additionally tightened management over the sector. In August, the nation launched a capital good points tax on cryptocurrency buying and selling.
Concurrently, the state makes use of digital property to bypass sanctions: buying drone elements, AI tools, and funding espionage. That is facilitated by a shadow marketplace for pretend paperwork to bypass KYC checks on exchanges.
Again in June, TRM Labs specialists suggested that Israeli intelligence might need used information from Nobitex to seize Iranian spies.
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