Elliptic released a blog post analyzing transaction flows at Iran’s large crypto exchange Nobitex, revealing that the platform had engaged with wallets linked to groups hostile to Israel. The analysis came in the wake of a major cyberattack that destroyed $90 million, and the firm’s findings highlight potential financial channels used to evade sanctions and finance politically provocative operations.

On March 15, 2022, Elliptic reported finding a digital wallet containing millions in crypto, which could be connected to sanctioned oligarchs and government officials. This report comes amid calls from the UK National Crime Agency for tougher regulations on crypto protocols to prevent illicit financial activities.