On-chain data shows a sharp increase in activity from major Iranian exchanges in the hours following the February 28, 2026 US-Israeli airstrikes, with roughly $10.3M in cryptoasset outflows between February 28 and March 2. This spike fits a broader pattern we highlighted in our recent analysis of Iran’s $7.8 billion crypto ecosystem in 2025, where trading volumes and on-chain movements tend to surge around major geopolitical shocks and domestic unrest. Further analysis reveals important nuance: most funds are sent to wallets that could be Iranian citizens’ personal wallets, new infrastructure for Iranian exchanges, or withdrawals by state actors. In the immediate aftermath of events like this weekend’s strikes, it’s too early to say how much of the activity reflects each. As more time passes, onward funds movements will sharpen the picture.

Iranian Crypto Outflows Spike After Airstrikes Amid a Year of Rising On-Chain Activity

Bloomberg reported on April 1, 2026 that Iran’s Islamic Revolutionary Guard Corps (IRGC) was already extracting transit tolls from vessels in the Strait of Hormuz, with ship operators negotiating fees that typically start around $1 per barrel of oil, payable in yuan or stablecoins via an IRGC-linked intermediary and permit system. A subsequent Financial Times report quoted a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union saying shipping companies would be required to pay a $1 per barrel toll in cryptocurrency to pass through the Strait of Hormuz during the ceasefire. While the statement specifically references bitcoin, we suspect Iran could prioritize stablecoins over BTC for these tariffs, consistent with the heavy historical reliance on stablecoins by the regime and its regional proxies to engage in illicit trade and sanctions evasion at scale. This development is the latest extension of the IRGC’s growing crypto footprint, which accounted for approximately 50% of Iran’s total crypto ecosystem in Q4 2025 and has been documented across billions of dollars in transaction volume according to OFAC designations, NBCTF seizure lists, and leaked Central Bank of Iran (CBI) addresses. Shipping companies that make payments to Iran for Hormuz passage face significant sanctions exposure, as Iran is subject to comprehensive U.S. and international sanctions. This typically requires businesses to obtain a specific license or approval from the authorities before transacting with sanctioned entities or jurisdictions. Regulatory bodies, law enforcement, and stablecoin issuers all have a role to play in identifying IRGC-controlled wallets and their counterparties, and freezing illicit assets as this situation evolves.

It has to be a milestone to have a nation-state using crypto to circumvent sanctions during a war.