Traders get crushed as a Trump social media post triggers a massive $415 million crypto whipsaw

Cryptocurrency & Free Speech Finance

Crypto market traders were whipsawed on both sides on Monday afternoon, with over $400 million in liquidations across long and short positions in the past 4 hours.Bitcoin spiked from $67,500 to above $71,200 on Monday afternoon after U.S. President Donald Trump posted on Truth Social that he had instructed the Pentagon to postpone all strikes against Iranian power plants for five days, saying the U.S. and Iran had “very good and productive conversations.”Then Iran reportedly denied everything. “There is no direct or indirect communication with Trump,” Iran’s semi-official Fars news agency reported, citing an anonymous source, adding that Trump “retreated…

Global Free Speech

Investigative journalist Saddia Mazhar (right) documenting women arrested on International Women’s Day. Photo: Saddia Mazhar All over the world, International Women Day is celebrated to recognise the achievements and rights of women. But unfortunately, in Pakistan, that recognition means nothing. The reason: on that same International Women’s Day, in Islamabad, the federal capital of Pakistan, 44 women taking part in the annual Aurat March (a non-violent demonstration by women’s rights activists demanding social and economic rights) were detained by the police. The were held simply because they were planning to celebrate and put on a rally in the capital to recognise the achievements and challenges of women in Pakistan. The Aurat March activists were picked up by the police under Section 144 of the Criminal Procedure Code (CrPC), which was imposed in the federal capital Pakistan is a deeply patriarchal society where women lag behind in everything, which is why women face discrimination, violence, and sexual harassment on a daily basis. Perhaps unsurprisingly Pakistan was ranked bottom amongst 148 countries such as Sudan, Chad, Iran, and Guinea in the World Economic Forum’s (WEF) Global Gender Gap Report 2025, with only 56.7% gender parity. This is even worse than in 2022, when it ranked 145th out of 146 countries, above only Afghanistan. The Aurat March organisers stated on X that they “were peacefully exercising their right to protest.” Three women journalists who had gone to cover the protests, including investigative reporter Saddia Mazhar (pictured), were also arrested. Reports suggest the women marchers, before being arrested, were dragged, beaten up, and had their arms twisted by the police. Shahbana Zafar, the wife of Harris Khaliq, Secretary General of the Human Rights Commission of Pakistan (HRCP), and others went to the Women Police and Child Station to meet the arrested marchers and they too were detained After their release, the Aurat March organisers held a press conference at the National Press Club. They stated that the theme of Aurat March Islamabad was a feminist constitution, among other things. As a result of the arrests, Prime Minister Shehbaz Sharif’s message on International Women’s Day drew strong criticism from female social media users. His message on X read: “On International Women’s Day, I wish to reiterate my government’s commitment to ensuring a safe, equal and enabling environment for women. The government is taking steps to empower women, protect their rights and provide them opportunities to excel in every field.” READ MORE

All over the world, International Women Day is celebrated to recognise the achievements and rights of women. But unfortunately, in Pakistan, that recognition means nothing. The reason: on that same International Women’s Day, in Islamabad, the federal capital of Pakistan, 44 women taking part in the annual Aurat March (a non-violent demonstration by women’s rights activists demanding social and economic rights) were detained by the police. The were held simply because they were planning to celebrate and put on a rally in the capital to recognise the achievements and challenges of women in Pakistan. The Aurat March activists were picked…

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Jafar Panahi’s 2025 thriller It Was Just an Accident. Photo: Handout “We are worried about what is going to happen. Every morning, we wake up to the sound of explosions. Many places have been destroyed, and I know that some civilians have been killed as well. However, the Islamic Republic does not give us any accurate information, and the domestic news agencies are only propaganda centres for the regime. Because of this, we truly don’t know what is really happening or what awaits us.” These are the words of an Iranian dissident who has managed to contact us from inside the country after Israel and the USA started bombing Iran. They are too concerned for their safety to be named. Iran’s internet has been blocked for days now. There are reports of people protesting from their homes being shot at. The UN has warned that imprisoned Iranian protesters face “expedited” executions. There are fears about conditions deteriorating in Evin prison where a lot of political opponents of the regime are being held. Nobel Peace Prize winner Narges Mohammadi is currently in a jail in Zanjan, a city northwest of Tehran, and her situation is unknown. It is impossible to know exactly what is happening. In war the truth only comes out later – if at all – and disinformation is king. What is worrying is that there is such uncertainty about the outcome, and concern now that the USA and Israel don’t much care about the freedom of the people of Iran. Tens of thousands who bravely came out on the streets earlier this year to protest the regime were brutally murdered, many more arrested. Most shockingly, verified accounts have documented how the Revolutionary Guard swarmed hospitals, prevented medical care, took people off ventilators. Some doctors have even reported that wounded protesters who were being treated were later found with bullet holes in their heads. On Monday Index screened Jafar Panahi’s new film It was Just an Accident in advance of it coming out on Mubi this Friday, 6 March. It is a must-see if you want to understand the varying points of view of ordinary people in Iran. One of the people who talked on our panel discussion after the screening, Tara Aghdashloo, an Iranian writer, director and poet, wrote on Instagram of the current dilemma of those watching what is happening from afar: “Whoever we blame – this moment is overwhelming. There is pain, hoping for something good out of it, more pain, terror, remembering the mass murders by the regime yet fearing what these missiles and bombs could do to family and friends and innocent people, to our environment, infrastructure, our historic sites. Elation, even daring to hope that this fascist dictatorship might be gone once and for all. But remembering that the safety of my people is now in the hands of the same leaders, and that we’re expected to bet that our liberation is in a series of missiles that is shaking the city.” To be an Iranian dissident must be profoundly lonely and confusing. The autocratic ayatollah has been killed. But there is no succession plan for democracy. At Index we have always stood up for the people who want Iran to be finally free, for the women and young people, for the rappers, poets, artists and writers and all those who have put have themselves again and again in the firing line for the right to express their full selves without fear of torture and death. READ MORE

Access to the global internet is now restricted to loyal servants of the Iranian regime. Photo: Rahadiansyah/Unsplash In wartime Iran, connecting to the internet is now a perilous act, viewed as a crime against the state. Since hostilities erupted between Iran, Israel, and the United States on 28 February 2026, authorities have unleashed one of the most comprehensive internet shutdowns in history, cutting off millions from the rest of the world. Iranian authorities are now warning citizens that sharing photos of bombed locations or even trying to access the global internet could get you prosecuted for “collaborating with the enemy”. Against this backdrop, using a search engine or VPN is no longer innocent – it can be seen as a threat. Following massive airstrikes that killed the Supreme Leader and senior commanders, the state responded not only with anti-aircraft fire, but also activated a “kill switch” – severing international internet infrastructure. According to NetBlocks, connectivity dropped to just 1% of normal levels. For more than 280 hours, 90 million people have endured enforced silence, with over 40% of 2026 so far (up to 10 March) spent under internet shutdown. This calculated effort intends to isolate the population from information, not just a simple malfunction. A text message from an Iranian mobile operator calling on users to report people sharing images or information In a climate of heightened state paranoia, the SMS has become a tool of direct psychological warfare. Most frequently, messages from mobile operators to Iranian users characterise the sharing of images from bombing sites or “anti-government” sentiment as a “security violation”, effectively deputising mobile phones as tracking devices for dissent. More alarming are the rare reports of messages carrying direct judicial weight. These warn that “repeated connection to the international internet” will result in the immediate suspension of the phone line and referral to the judiciary. By criminalising attempts to bypass a firewall, authorities equate digital access with espionage. Notably, while these systems are used to threaten citizens, they have remained silent when issuing air-raid or public safety warnings. The architecture of the “class-based internet” The blackout is not total. Instead, authorities have enforced a “whitelisting” system that grants global web access only to pre-approved, loyal users. This system works because Iran has built its own internal internet, separating local traffic from the rest of the world. When the government turns on the whitelist, most people can only use local sites, while a small, approved group can still access the global internet. Instead of just blocking certain websites, the government now blocks most people entirely, letting only trusted insiders through. On 10 March, government spokesperson Fatemeh Mohajerani – representing an administration that, ironically, had campaigned on a pledge to reduce filtering – confirmed this graded reality. She stated that the government is working to provide limited access specifically for those who can “convey the voice of the system to the world”. This allows the regime to dominate the narrative reaching the outside world, drowning out civilian experiences with state propaganda. The digital underground: Configs and cat-and-mouse Despite threats, the Iranian people have not surrendered their right to speak. An underground network of “configs” now sustains resistance. Software like V2Ray, Xray, or Trojan is essentially an engine that does nothing on its own. To function, they require a specially formatted text file that specifies which server, protocol, and path to use. What users receive as links or files in private Telegram channels are actually encoded versions of these settings. Because the state’s deep packet inspection technology is constantly hunting for these connections, these files often have a very short lifespan. The challenge of keeping connections alive has created a high-risk black market. Short-lived configs are bought at high prices, making communication expensive and risky. For many users, especially those with limited technical knowledge, the situation creates new vulnerabilities. People searching for a way to contact relatives abroad often rely on unknown sellers or unverified software, exposing them to scams, malware, and surveillance risks. Some turn to Starlink, but owning such hardware adds further dangers of arrest and confiscation. Doxing as statecraft: The “spy hunters” The crackdown isn’t just online. Some Telegram channels linked to security forces now encourage people to report on each other, calling it an effort to find spies. These channels employ open-source intelligence tactics to identify citizens. When a video of an airstrike is posted, these groups inspect metadata and visual details to pinpoint the photographer’s location. Their personal information is then exposed, and they are labelled as enemy collaborators. This vigilante-style digital hunting is supported by the highest levels of the judiciary. Chief Justice Gholam-Hossein Mohseni-Ejei has publicly warned of “no leniency”, while state television has discussed punishments ranging from property confiscation to the death penalty for media actions that “damage national security”. The humanitarian cost of silence The human rights implications are catastrophic. Human Rights Watch has warned that the shutdown violates international law. When the IDF issues evacuation warnings on social media, those warnings fall into a digital vacuum. Because the general population cannot access the global web, they cannot see the maps or the warnings intended to save their lives. Centuries ago, the Persian Empire pioneered the Chapar-khaneh, a sophisticated postal system that revolutionised communication. Today, the heirs of that civilisation are being forced into a digital dark age. This is not the first time a nation has been stripped of its right to the global digital commons, nor will it be the last. But this crisis must serve as a provocation for the next generation of internet giants. As satellite-to-mobile technology advances, internet providers face the question of whether global access should be guaranteed in places where governments restrict connectivity. Preventing the criminalisation of communication may require new technical solutions. Securing open access remains a challenge for the global community. READ MORE

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