Iran’s Elite Secretly Founded Billion-Dollar Crypto Exchange Nobitex
A major investigation has revealed that the founders of Iran’s largest cryptocurrency exchange, Nobitex, are members of one of the country’s most powerful families.
Ali and Mohammad Kharrazi established the platform in 2018 but concealed their true identities by using the surname “Aghamir” in corporate records.
The Kharrazi family maintains direct ties to the highest levels of the Iranian establishment, including the newly installed Supreme Leader, Mojtaba Khamenei.
Mojtaba Khamenei rose to power in February 2026 after his father was killed in a US airstrike, according to recent reports.
The brothers’ grandfather was a tutor to Mojtaba, while their father founded an Iranian political group and helped staff the Islamic Revolutionary Guard Corps (IRGC).
Market Dominance and Strategic Use of Cryptocurrency
Nobitex has grown to become a cornerstone of the Iranian economy, processing an estimated 70% of the nation’s digital asset transactions.
- User Base: The platform currently claims 11 million users, surpassing 10% of the Iranian population.
- Institutional Support: Iran’s central bank sent approximately $347 million in crypto to Nobitex in the first half of 2025.
- Sanctioned Funds: Analytics firms estimate between $22 million and $366 million in sanctioned funds moved through the exchange.
- Crisis Resilience: The exchange maintained operations during a 2026 nationwide internet blackout that cut off 98% of citizens.
Blockchain firms like Elliptic and Chainalysis have tracked significant flows from sanctioned entities, highlighting the Global Financial Sanctions bypass facilitated by the platform.
Ordinary Iranians, locked out of international banking, increasingly rely on the platform to hold and move money amid rising geopolitical tensions.
Tracing the Flow of Sanctioned Assets
Details regarding the movement of state funds surfaced following a public dispute involving Babak Zanjani, an Iranian billionaire convicted of fraud.
Zanjani published wallet addresses on social media that allowed analysts to trace at least $20 million in sanctioned central bank funds through Nobitex.
Crystal Intelligence discovered that the platform processed over $100 million during the US-Israel war with Iran in early 2026.
During that conflict, at least $54 million was withdrawn from the exchange, with a significant portion of those funds moving abroad.
The United States has responded by seizing nearly $500 million in Iranian-linked crypto under a program known as Operation Economic Fury.
Ethereum Spot ETFs Experience Massive Net Outflows
While regional exchanges face scrutiny, institutional digital asset products in global markets are seeing major shifts in capital allocation.
According to SoSoValue data, Ethereum spot ETFs recorded a net outflow of $82.47 million during the trading week of April 27 to May 1, 2026.
The performance of specific funds during this period highlights a divergence in institutional sentiment toward Digital Asset Trading vehicles.
| Ethereum Spot ETF | Weekly Net Flow | Historical Net Inflow |
|---|---|---|
| Blackrock (ETHA) | -$71.4491 Million | $11.9 Billion |
| Fidelity (FETH) | -$50.256 Million | $2.29 Billion |
| Blackrock (ETHB) | +$44.4975 Million | $501 Million |
As of May 2026, the total net asset value of all Ethereum spot ETFs stands at $13.6 billion, representing 4.93% of Ethereum’s market cap.
Despite the recent weekly outflows, the historical cumulative net inflow for these products remains high at $12.02 billion.
Market Activity of Emerging Tokens: The SCALP Case
Beyond established assets like Ethereum, new tokens such as “first in line, last to care” (SCALP) are emerging on specialized exchanges.
SCALP is currently trading on the PumpSwap exchange, where it recorded a 24-hour trading volume of $664,728.
- Price Movement: The token saw a 13.07% price decline over the last 24 hours.
- Primary Pair: The most popular trading pair is SCALP/SOL, accounting for 100% of its volume on PumpSwap.
- Market Rank: It is currently ranked #1549 by trading volume across all tracked exchanges.
- Liquidity: The token currently has no active trading pairs with fiat currencies or stablecoins.
The most active liquidity for SCALP remains on PumpSwap, which handled $12.15 million in trades for the asset in a single day.
Geopolitical Tensions and Family Tragedies
The connection between Nobitex and the Iranian state was underscored by an airstrike on April 1, 2026, that hit the home of Kamal Kharrazi.
Kamal Kharrazi, the brothers’ great-uncle and a former foreign minister, died of his injuries days after his wife was killed in the strike.
The Supreme Leader publicly extended condolences to the Kharrazi family, further confirming their high status within the regime’s inner circle.
Nobitex management continues to deny any government affiliation, asserting that illicit transactions occur without their knowledge.
However, analysts note that the platform continued to process transactions for those on a state-approved “whitelist” during total internet blackouts.
The US Department of Justice and other international agencies continue to monitor the platform as part of wider efforts to curb sanctioned financial activity.
