Iran’s Crypto Flows Declined Amidst Political Instability and Security Breaches

A confluence of factors has led to a decline in Iranian crypto flows, according to TRM Labs. These include the breakdown of nuclear negotiations with Israel, a major Nobitex hack, and Tether’s blacklist on Iranian-linked funds. The report reveals that crypto trading volumes for Iran dropped by 11% between January and July, with June and July experiencing the most significant decline. The sharp drop is attributed to multiple events: escalating tensions with Israel, the $90 million Nobitex hack impacting 87% of Iran’s crypto transactions, and a major stablecoin blacklisting from Tether.