Chainalysis： Iran's cryptocurrency usage surges in 2024, becoming an important tool for capital flight

On February 19th, according to the latest report from Chainalysis, Iran's use of cryptocurrency has significantly increased in 2024 due to economic instability and financial sanctions, becoming the main tool for capital flight. Data shows that the outflow of Iranian cryptocurrency trading platforms reached $4.2 billion, a year-on-year increase of 70%, with Bitcoin being highly favored due to its censorship resistance. The report points out that this move is mainly due to the decrease in public trust in the government and the need to avoid financial restrictions. At the same time, sanctioned regions received a total of 15.8 billion US dollars in cryptocurrency in 2024, accounting for 39% of illegal fund flows.