Key Takeaways
- Two brothers from Iran’s elite Kharrazi dynasty, Ali and Mohammad, secretly established Nobitex using the alias “Aghamir” to conceal their prestigious lineage
- The founders’ family maintains intimate connections with Iran’s highest authority, including recently appointed Supreme Leader Mojtaba Khamenei
- Blockchain analysis reveals between $22 million to $366 million in transactions connected to sanctioned organizations flowed through Nobitex
- During active military confrontation between the US-Israel coalition and Iran, the exchange handled transactions exceeding $100 million, including throughout a complete internet shutdown
- American authorities have confiscated approximately $500 million in Iranian cryptocurrency through Operation Economic Fury
The Islamic Republic’s dominant cryptocurrency trading platform emerged from an unexpected source — two brothers belonging to Iran’s most influential political dynasty, who deliberately obscured their heritage for years.
In 2018, Ali and Mohammad Kharrazi launched Nobitex, yet official business filings displayed the alias “Aghamir” instead of their genuine surname. A comprehensive Reuters probe discovered the siblings maintained this deception even among longtime friends and university classmates.
For multiple generations, the Kharrazi lineage has maintained prominent standing within Iran’s governing hierarchy. Their grandfather personally mentored Mojtaba Khamenei, recently elevated to supreme leader following his predecessor’s death in a February 2026 US military strike. Their father established the Iranian Hezbollah political organization and participated in organizing the Islamic Revolutionary Guard Corps following the 1979 Islamic revolution.
Nobitex currently dominates approximately 70% of Iran’s cryptocurrency market activity and reports 11 million registered users — representing over one-tenth of the nation’s entire population. With international banking systems closed off through Western economic restrictions, everyday Iranian citizens depend on this exchange for financial transactions and asset storage.
Movement of Restricted Funds Detected
Blockchain surveillance companies have traced transactions associated with sanctioned organizations moving through Nobitex’s systems. Elliptic’s analysis indicated approximately $366 million in questionable transfers. Chainalysis calculated the amount at around $68 million. Crystal Intelligence documented roughly $22 million in direct movements from sanctioned cryptocurrency wallets. Each firm emphasized actual figures probably exceed their estimates.
Additionally, Elliptic discovered Iran’s central bank — itself targeted by US sanctions — transferred cryptocurrency valued near $347 million to Nobitex during 2025’s initial six months.
Proof of these operations surfaced from an unexpected origin. Babak Zanjani, a convicted Iranian billionaire fraudster, disclosed wallet addresses through social media amid a contentious disagreement with Iran’s central bank. Investigators utilized these addresses to identify no less than $20 million in sanctioned central bank assets channeled through Nobitex.
Nobitex has rejected claims of government connections. Company representatives stated illicit activities constitute minimal overall transaction volume and happened beyond management’s awareness.
Sustained Operations During Armed Conflict and Communications Blackout
When US-Israeli military actions commenced against Iran in early 2026, Nobitex maintained uninterrupted service. The exchange sustained transaction processing throughout a government-mandated internet shutdown that disconnected the majority of Iranian citizens. Crystal Intelligence documented Nobitex handled over $100 million throughout this conflict period, approximately 20% of typical operational levels.
Internet surveillance organization Netblocks reported only individuals on government-authorized whitelists — comprising 1% to 2% of citizens — maintained internet connectivity during this timeframe. Crystal Intelligence identified at least $54 million withdrawn from Nobitex throughout the war, with substantial portions transferred internationally.
The exchange’s relationship to Iran’s power structure was highlighted on April 1, 2026, when military strikes targeted the residence of the brothers’ great-uncle, Kamal Kharrazi, previously serving as foreign minister. His spouse perished immediately in the attack. Kamal succumbed to sustained injuries several days afterward.
Iran’s newly installed supreme leader publicly offered sympathies to the Kharrazi family.
American authorities have confiscated nearly $500 million in Iranian-connected cryptocurrency through Operation Economic Fury, increased from earlier reported seizures of $344 million.
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