Minab airstrike leaves 175 dead, months pass without answers

On February 28, 2026, a US Tomahawk missile hit the Shajareh Tayyebeh Elementary School in Minab, Iran. At least 175 people died, according to Iranian officials. Independent estimates put the number at around 156 confirmed casualties, including 120 children.

Nearly four months later, there is no final investigation report, no public accountability, and no resolution for the families holding photographs of dead children outside the rubble of what was supposed to be a place of learning. Meanwhile, the geopolitical shockwaves from the strike and the broader US-Iran conflict have carved deep scars into global financial markets, including crypto, where nearly $1 billion in liquidations followed the escalation.

What happened in Minab

The intended target was an Islamic Revolutionary Guard Corps naval base located near the school. The US military’s preliminary investigation attributed the catastrophe to outdated targeting data, which erroneously identified the school as part of the military facility.

The strike was part of the initial military actions in the 2026 Iran war. It stands as one of the deadliest single incidents impacting civilians in the conflict to date. Health care workers have since organized vigils and protests, holding up photos of the children killed in the blast as a demand for accountability that has so far gone unanswered.

By mid-June 2026, the preliminary findings had been disclosed, but the US military had not released a comprehensive final report. Further US-Israeli strikes in the months following the Minab attack have compounded both the military and humanitarian crises in the region.

How war reshuffled the crypto market

The broader US-Iran hostilities triggered a severe sell-off across digital assets. Bitcoin dropped below $73,000 following US strikes in late May 2026, a level that shattered what many traders had considered strong technical support. Nearly $1 billion in total liquidations rippled through the cryptocurrency market as leveraged positions were wiped out.

The accountability gap

The US military’s preliminary explanation — that outdated targeting data caused the school to be misidentified — raises more questions than it answers. How outdated was the data? What verification protocols failed? Who signed off on the strike package?

As of mid-June 2026, that report does not exist in public form. The families of at least 175 dead, including 120 children, are waiting.

What this means for investors

The nearly $1 billion in liquidations was overwhelmingly concentrated among leveraged traders who were caught on the wrong side of a sudden move. Spot holders absorbed paper losses. Leveraged longs got liquidated.

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