Key Points
- Brothers Ali and Mohammad Kharrazi established Nobitex, Iran’s dominant crypto platform, operating under the alias “Aghamir” to conceal their privileged background
- Their family maintains close connections to Iran’s highest leadership circles, including recently appointed Supreme Leader Mojtaba Khamenei
- Blockchain analysis companies identified between $22 million and $366 million in transactions connected to sanctioned organizations flowing through Nobitex
- During active military conflict between the US-Israel coalition and Iran, the exchange handled more than $100 million, maintaining operations through a total internet shutdown
- American authorities have confiscated approximately $500 million in Iranian cryptocurrency through Operation Economic Fury
Two brothers from an influential Iranian dynasty secretly established the country’s largest cryptocurrency trading platform, concealing their prestigious lineage for years.
Ali and Mohammad Kharrazi launched Nobitex in 2018, registering themselves in official documentation using the alternative surname “Aghamir.” A Reuters probe revealed the brothers maintained this deception even among trusted associates and longtime university companions.
The Kharrazi lineage holds deep roots within Iran’s governing hierarchy spanning multiple generations. Their grandfather served as tutor 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 an Iranian political organization bearing the Hezbollah name and participated in forming the Islamic Revolutionary Guard Corps following the 1979 revolution.
Nobitex currently facilitates approximately 70% of cryptocurrency activity within Iran, reporting 11 million registered users — representing over 10% of the nation’s total population. With international banking channels blocked by Western economic restrictions, Iranian citizens depend on this platform for digital asset storage and transfers.
Blockchain Tracking Reveals Sanctioned Entity Transactions
Blockchain forensics companies discovered transactions associated with sanctioned organizations moving through Nobitex infrastructure. Elliptic calculated approximately $366 million in questionable transaction flows. Chainalysis determined the amount reached roughly $68 million. Crystal Intelligence traced about $22 million in direct transfers originating from sanctioned cryptocurrency addresses. Each firm acknowledged actual totals likely exceed their estimates.
Additionally, Elliptic documented that Iran’s central banking institution — targeted by US sanctions — transferred cryptocurrency valued at around $347 million to Nobitex during the initial half of 2025.
Confirmation of these activities emerged from an unexpected source. Babak Zanjani, a billionaire Iranian businessman serving time for fraud charges, disclosed wallet addresses through social media posts amid a contentious disagreement with Iran’s central bank. Investigators utilized those addresses to follow at least $20 million in sanctioned central bank cryptocurrency routed through Nobitex channels.
Nobitex has rejected claims of government connections. Company representatives stated that prohibited transactions constitute a minor fraction of total platform volume and happened beyond management awareness.
Continuous Operations During Armed Conflict and Communications Shutdown
When American and Israeli forces initiated military actions against Iran in early 2026, Nobitex maintained uninterrupted service. The platform sustained transaction processing throughout a government-mandated internet shutdown that disconnected the majority of citizens. Crystal Intelligence documented that Nobitex handled over $100 million throughout the military engagement, representing approximately 20% of typical transaction volumes.
Internet monitoring organization Netblocks reported that exclusively those on a state-authorized whitelist — comprising between 1% and 2% of the population — preserved internet connectivity during this timeframe. Crystal Intelligence tracked at least $54 million in withdrawals from Nobitex throughout the warfare period, with substantial portions transferred internationally.
The exchange’s relationship to Iran’s governing class received stark emphasis on April 1, 2026, when an airstrike struck the residence of the brothers’ great-uncle, Kamal Kharrazi, who previously served as foreign minister. His spouse died immediately in the attack. Kamal succumbed to injuries sustained in the strike several days afterward.
Iran’s newly installed supreme leader issued public condolences to the Kharrazi family.
American authorities have confiscated nearly $500 million in Iranian-associated cryptocurrency under Operation Economic Fury, increased from an earlier reported $344 million.
