Iran's largest cryptocurrency exchange, Nobitex, has successfully avoided a major user withdrawal event following recent U.S.-Israel strikes on Iran. Independent analyses by TRM Labs and Chainalysis revealed that while there was a brief surge in activity and increased fund outflows across Iranian exchanges, Nobitex did not experience a sustained run by users. On-chain data reviewed since the February 28 strikes showed a noticeable uptick in platform activity, including transactions moving over $35 million from hot wallets to cold wallets. However, TRM Labs clarified that these transfers were likely internal fund management operations by Nobitex, rather than panic-driven user withdrawals.