In the first half of 2025, crypto flows into Iran decreased to $3.7 billion, a consequence of political tensions and cyberattacks.
Decline of Crypto Flows in 2025
Crypto flows into Iran fell by 11% compared to 2024, reaching $3.7 billion for the first seven months of 2025. A particularly sharp decline was observed post-April, with June seeing a 50% drop year-on-year and July plunging by 76%. These losses coincide with the collapse of nuclear talks and a brief but intense conflict with Israel in mid-June.
Cyberattack on Nobitex and Its Consequences
On June 18, 2025, Nobitex, Iran's largest crypto exchange, suffered a cyberattack from the group Predatory Sparrow, resulting in a theft of $90 million. Following the conflict, a wave of withdrawals was noted, exacerbating distrust in Iranian platforms. Consequently, inbound transactions to Nobitex shrank by 70% year-on-year.
Tether Freezes and New Legislative Measures
In July, Tether executed its largest freeze of Iran-linked funds to date, blocking 42 addresses, many of which were tied to Nobitex. This prompted Iranian users to migrate their funds to alternative platforms. Additionally, in August, Iran passed the Law on Taxation of Speculation and Profiteering, imposing capital gains tax on cryptocurrency.
The decline of crypto flows into Iran highlights the impact of political and economic factors on the crypto industry. New legislative initiatives and cyberattacks further contribute to the uncertainty in the country's crypto market.
