In Iran, there has been a sharp increase in Bitcoin transfers from cryptocurrency exchanges to private wallets amid mass protests, an economic crisis, and the collapse of the national currency. According to an analytical report by Chainalysis, cryptocurrencies are becoming not only a means for Iranians to protect their savings but also a way to circumvent strict state control.
This is reported by Finway
Growth of Crypto Activity Amid Political Instability
In 2025, the volume of Iran’s crypto ecosystem exceeded $7.78 billion, with growth dynamics proving faster than in the previous year. Experts note that blockchain activity is closely linked to key political events in the country. Among these are the terrorist attack in Kerman in January 2024, missile strikes on Israel in October 2024, and a 12-day armed conflict in June 2025, during which cyberattacks were recorded on Iran’s largest cryptocurrency exchange, Nobitex, and Bank Sepah, traditionally used by the Islamic Revolutionary Guard Corps (IRGC).
The significant devaluation of the rial, which has lost nearly 90% of its value since 2018, and inflation rates of 40–50% have forced Iranians to seek alternative ways to preserve their funds. In this context, Bitcoin is seen not only as a means to circumvent sanctions but also as a way to escape the control of the state financial system.
Mass Protests and Surge in Bitcoin Transfers
The latest wave of mass protests has further intensified the transfer of Bitcoin to private wallets. A comparison of the periods from November 1 to December 27, 2025, and from December 28, 2025, to January 8, 2026 – when the internet was almost completely shut down in the country – showed a sharp increase in both the number and volume of transfers.
“Analysts indicate that this reflects the desire of Iranians to gain direct control over their assets amid currency collapse and political instability.”
At the same time, the influence of the IRGC is increasing in the Iranian cryptocurrency market. In the fourth quarter of 2025, addresses linked to this structure accounted for about half of all crypto activity in the country. In 2024, the volume of funds received by such addresses exceeded $2 billion, and in 2025, it rose to over $3 billion. Analysts emphasize that these are minimal estimates, as only wallets identified within the sanctions lists are taken into account.
Separate investigations also prove the use of foreign crypto infrastructure by the Iranian military. According to TRM Labs, since 2023, the IRGC has conducted over $1 billion in transactions through two cryptocurrency exchanges registered in the UK – Zedcex and Zedxion. 56% of transactions on these platforms are linked to the Iranian military formation, and most transfers were made in the USDT stablecoin on the TRON network.