according to materials from the site - By TNYR
This year, the trading volume of Iran's cryptocurrency economy sharply fell by 11%, reaching $3.7 billion in the first seven months of 2025.
This decline resulted from geopolitical struggles, hacking attacks, and stablecoin restrictions that altered the ecosystem of digital assets in the region.
The most significant losses occurred in June and July when political tensions and exchange outages slowed progress.
The most serious blow was dealt on June 18, when Nobitex, Iran's largest bitcoin exchange, was hacked. Nobitex, which handled over 87% of the country's cryptocurrency transactions, lost $90 million as a result of the attack.
The pro-Israeli cyber organization Predatory Sparrow claimed responsibility for destroying assets and transferring them to non-recoverable blockchain addresses.
Reuters confirmed that the stolen funds were destroyed and not transferred to wallets intended for profit, as a symbolic attempt to harm Iranian cryptocurrency flows.
The leak is part of an escalating cyber conflict between Israel and Iran, where digital platforms are becoming primary targets. For users, the hack undermined trust, disrupted liquidity, and highlighted the dangers of centralized exchanges in politically unstable countries.
The hack was only part of the bigger picture. The failure of nuclear negotiations and a 12-day confrontation with Israel in mid-June damaged economic stability.
Cyberattacks have apparently triggered rolling blackouts, complicating the operation of internet services and further limiting the volume of cryptocurrency transactions.
These outages led to traders being unable to access exchanges or wallets for many years, exacerbating the consequences of declining trust.
In addition to attacks and disputes, Tether confiscated 42 wallets linked to Iranian companies. This decision significantly closed access to USDT, Iran's most liquid stablecoin for many years. Users were forced to switch to alternatives like DAI on Polygon, but the abrupt change led to liquidity depletion and reduced efficiency.
TRM Labs reported that despite the decline in cryptocurrency inflows, the outflows remained significant, demonstrating how digital assets continue to serve as a lifeline for cross-border money transfers.
Despite an 11% decline, Iran's dependence on digital assets remains high. Cryptocurrency continues to serve as a hedge against inflation and a means to evade sanctions.
Analysts note that despite the fall in volumes, the growth of cryptocurrencies in Iran demonstrates the resilience of decentralized technologies in challenging conditions. The Financial Times emphasized that this is not just about money; it's about how cryptocurrency fits into broader geopolitical plans.
At the same time, the Nobitex hack has heightened interest in decentralized exchanges and peer-to-peer networks, which provide consumers with greater control over their finances.
Developers in the region appear to be seeking decentralized solutions to reduce reliance on centralized hubs that may become targets for future attacks.
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