Iran's cryptocurrency traffic decreased by 11% year-on-year from January to July 2025, according to a report by TRM Labs. The decline is attributed to geopolitical tensions following the breakdown of nuclear negotiations with Israel, a $90 million hack of Iran's largest crypto exchange, Nobitex, and Tether's freezing of 42 wallets. During this period, Iran's crypto flows totaled $3.7 billion, with the most significant declines occurring in June and July.