The volume of cryptocurrency transactions in Iran from January to July decreased by 11% compared to the same period in 2024. The main reasons cited are the hack of the Nobitex exchange and capital outflow due to political tensions, according to a report by TRM Labs.
Analysts calculated that the total transaction volume 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 position, processing over 87% of all transactions in the country. Of the $3 billion that passed through the platform, $2 billion was attributed to the TRON network.
The hack of Nobitex undermined user trust in local platforms. The incident was claimed by the pro-Israeli hacker group Gonjeshke Darande. The leak of the source code revealed that the exchange provided authorities with access to monitor ordinary users while protecting the anonymity of VIP clients.
In July, Tether conducted its largest freeze of Iran-linked funds, blocking 42 addresses. Following this, local users began to switch en masse from USDT to the DAI stablecoin on the Polygon network to maintain liquidity access.
The Iranian authorities have also tightened control over the sector. In August, the country introduced a capital gains tax on cryptocurrency trading.