TLDR
- Two brothers, Ali and Mohammad Kharrazi, established Nobitex, Iran’s dominant cryptocurrency platform, while operating under the alias “Aghamir” to mask their privileged lineage
- Their family maintains close connections to Iran’s highest leadership, including recently appointed Supreme Leader Mojtaba Khamenei
- Blockchain intelligence companies have traced between $22 million and $366 million in transactions connected to sanctioned organizations through the platform
- During the US-Israel military confrontation with Iran, Nobitex facilitated more than $100 million in transactions, operating even through a nationwide internet shutdown
- American authorities have confiscated approximately $500 million in cryptocurrency linked to Iran through Operation Economic Fury
The Islamic Republic’s largest digital currency platform emerged from the vision of two siblings belonging to one of Iran’s most influential dynasties — a connection they deliberately obscured for years.
In 2018, Ali and Mohammad Kharrazi launched Nobitex, yet official documentation identified them by the alternative surname “Aghamir.” A Reuters exposé revealed that the siblings maintained this deception even among longtime associates and university acquaintances.
The Kharrazi dynasty has wielded significant influence within Iran’s governmental hierarchy across multiple generations. Their grandfather served as an instructor to Mojtaba Khamenei, who assumed the role of supreme leader following his father’s death in a February 2026 US military strike. Their father established the Iranian political organization Hezbollah and participated in recruiting personnel for the Islamic Revolutionary Guard Corps following the 1979 Islamic revolution.
Nobitex currently manages approximately 70% of cryptocurrency activity within Iran and reports 11 million registered accounts — representing over one-tenth of the nation’s entire population. With international banking systems inaccessible due to Western economic restrictions, everyday Iranians depend on this platform for financial storage and transfers.
Sanctioned Funds Moved Through the Platform
Blockchain forensics companies have detected financial flows associated with sanctioned organizations moving through Nobitex. Elliptic calculated approximately $366 million in questionable transactions. Chainalysis estimated the amount at about $68 million. Crystal Intelligence identified roughly $22 million in direct transfers originating from sanctioned addresses. Each firm acknowledged the actual totals likely exceed their estimates.
In a separate finding, Elliptic discovered that Iran’s central banking institution — which operates under US sanctions — transferred approximately $347 million in digital assets to Nobitex during the initial half of 2025.
The investigation received an unexpected breakthrough when Babak Zanjani, a convicted Iranian billionaire fraudster, disclosed wallet addresses on social platforms during a public confrontation with Iran’s central bank. Researchers utilized these addresses to track at least $20 million in sanctioned central bank assets channeled through Nobitex.
Nobitex has rejected claims of governmental connections. Company representatives stated that prohibited transactions constitute a minimal portion of total volume and transpired without executive awareness.
Operating Through War and Blackout
During early 2026, when American and Israeli forces initiated military actions against Iran, Nobitex maintained operations. The exchange continued facilitating transactions throughout a government-mandated internet blackout that disconnected most citizens. Crystal Intelligence documented that Nobitex handled over $100 million throughout the military engagement, representing roughly 20% of typical transaction volumes.
Internet surveillance organization Netblocks reported that exclusively those on a government-authorized whitelist — comprising between 1% and 2% of citizens — maintained internet connectivity during this timeframe. Crystal Intelligence identified at least $54 million withdrawn from Nobitex throughout the conflict, with substantial portions transferred internationally.
The exchange’s relationship to Iran’s power structure became evident on April 1, 2026, when military aircraft struck the residence of the brothers’ great-uncle, Kamal Kharrazi, a former foreign minister. His spouse died immediately in the attack. Kamal succumbed to his 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, an increase from the previously announced $344 million.
