Crypto outflows from Iran’s largest exchange jumped 700% within minutes of the first U.S.-Israeli airstrikes on Tehran, blockchain analytics firm Elliptic said in a Monday blog post.

Elliptic said transaction volumes leaving Nobitex spiked almost immediately after the strikes, suggesting a rush to move funds offshore. Initial blockchain tracing indicates the crypto was sent to overseas exchanges that have historically received significant inflows from Iran.

The activity “potentially represents capital flight from Iran that bypasses the traditional banking system,” according to Dr. Tom Robinson, Elliptic’s co-founder and chief scientist.

Over the weekend, coordinated U.S. and Israeli airstrikes struck multiple targets in Iran, killing…