Iran’s $7.8 Billion Crypto Market Draws Fresh Attention in War

The US-Israeli war on Iran is putting renewed focus on the country’s $7.8 billion cryptocurrency market, which citizens and authorities there have increasingly turned to for storing and sending money during periods of turmoil.

Analytics firms Chainalysis and Elliptic produced reports this week showing sharp spikes in outflows from Iranian crypto exchanges immediately after air strikes hit the country. The sums were paltry relative to the total market, but suggested that individuals are taking out funds for security, that government entities are doing the same to make payments that skirt sanctions, or some combination of both, experts said.

“What we ...