Key Highlights
- Two brothers from the influential Kharrazi dynasty established Nobitex, Iran’s dominant cryptocurrency platform, while disguising their true identity using the alias “Aghamir”
- The family maintains close connections to Iran’s highest leadership, including current Supreme Leader Mojtaba Khamenei
- Blockchain analysis companies tracked between $22 million to $366 million in transactions connected to sanctioned organizations flowing through the platform
- During active military conflict between the US-Israel coalition and Iran, the exchange handled over $100 million in trades despite nationwide internet restrictions
- American authorities have confiscated approximately $500 million in cryptocurrency tied to Iranian interests through Operation Economic Fury
A groundbreaking investigation has exposed how Iran’s dominant digital currency trading platform was secretly established by siblings from a dynasty deeply embedded in the nation’s power structure — a connection they deliberately obscured for years.
Brothers Ali and Mohammad Kharrazi launched Nobitex in 2018, yet registered themselves in official documentation using the false surname “Aghamir.” A detailed Reuters probe discovered the siblings masked their genuine identity even from longtime associates and university acquaintances.
The Kharrazi lineage has held influential roles within Iran’s governing hierarchy across multiple generations. Their grandfather served as a mentor to Mojtaba Khamenei, who assumed control as Iran’s 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 efforts for the Islamic Revolutionary Guard Corps following the 1979 revolution.
Nobitex currently controls approximately 70% of cryptocurrency trading within Iran and reports 11 million active accounts — representing over 10% of the nation’s total population. Cut off from global financial systems through Western economic restrictions, everyday Iranian citizens depend on this platform for storing and transferring funds.
Prohibited Transactions Flowed Through Exchange
Blockchain forensic companies have traced transactions associated with blacklisted organizations moving through Nobitex. Elliptic calculated approximately $366 million in questionable activity. Chainalysis estimated the amount at around $68 million. Crystal Intelligence pinpointed about $22 million in verified transfers originating from sanctioned digital wallets. Each analytical firm acknowledged the actual total likely exceeds their estimates.
Additionally, Elliptic discovered that Iran’s central banking institution — which faces US sanctions itself — transferred roughly $347 million in digital currency to Nobitex during the initial half of 2025.
Proof of these operations emerged from an unexpected source. Babak Zanjani, a convicted billionaire fraudster in Iran, disclosed wallet addresses through social media during a contentious disagreement with Iran’s central bank. Analysts leveraged those addresses to follow at least $20 million in restricted central bank assets channeled through Nobitex.
Nobitex has rejected claims of government connections. The platform stated that unauthorized transactions constitute a minor percentage of total trading volume and happened without executive awareness.
Functioning Through Military Conflict and Communication Shutdown
When US and Israeli forces initiated military strikes against Iran in early 2026, Nobitex maintained operations. The exchange continued facilitating transactions throughout a government-mandated internet shutdown that disconnected the majority of citizens. Crystal Intelligence determined that Nobitex handled more than $100 million throughout the military engagement, representing roughly 20% of typical transaction levels.
Internet surveillance organization Netblocks reported only individuals on a government-authorized whitelist — comprising between 1% and 2% of citizens — maintained internet connectivity during this timeframe. Crystal Intelligence discovered at least $54 million was transferred out of Nobitex during the war period, with substantial portions moving to foreign destinations.
The exchange’s relationship to Iran’s power elite was highlighted on April 1, 2026, when a military strike targeted the residence of the brothers’ great-uncle, Kamal Kharrazi, a previous foreign minister. His spouse died immediately. Kamal succumbed to his wounds several days afterward.
Iran’s current supreme leader publicly offered sympathies to the Kharrazi family.
US authorities have confiscated nearly $500 million in cryptocurrency connected to Iranian operations under Operation Economic Fury, an increase from the earlier reported figure of $344 million.
