Nobitex Remains Resilient Amid Ongoing Conflict

Nobitex, one of Iran's leading cryptocurrency exchanges, continues to experience significant transaction activity despite the ongoing effects of the war in the country. According to recent data from Global Ledger, Nobitex has adapted to the new conditions and is primarily driven by whales.

The exchange has seen a shift in its volume towards stablecoins, with USDT being the main safe-haven asset for crypto players in Iran. In fact, USDT deposits only declined by around 9% after the war, while other assets such as BTC, ETH, and TRX saw significant drops.

Global Ledger analysis revealed that Nobitex remains a critical hub for crypto activity in Iran, with the exchange processing $3.06 billion in transactions to other centralized exchanges. The study also found that large players generated 85% of the volume on Nobitex, with around 4% of addresses holding over $200K in transactions.

The recent data from Arkham Intelligence shows that Nobitex currently carries $11.1 million in assets, and a suspicious wallet withdrew $18.85 million on multiple chains in the past day. While it is still early to say whether Nobitex will return to its previous peak volumes, the exchange's resilience in the face of adversity is a testament to the adaptability of crypto players in Iran.