A7A5, a stablecoin fixed to the Russian ruble, processed more than $ 9.3 billion in transactions on Grinene, an exchange of crypto widely considered as the successor of the Privatex sanctioned platform.
The main dishes to remember:
- A7A5 treated $ 9.3 billion via Grinene, mainly from only 124 wallets.
- The big elliptical and global book suggests that Grinene can be the unofficial successor of Garantinex.
- Analysts question the adoption of the A7A5 in the midst of concentrated flows and political ties.
According to the Financial Times, most of these transactions came from only 124 portfolios, raising questions about the nature of the use of the token.
In March, Global Ledger allegedly alleged that operators of the Russian Russian Exchange Guarantx had moved liquidity and customer funds to Grinex, which he described as the “full successor to the platform”.
Elliptical flags A7A5 transfer probable internal funds
Analysts of the blockchain analysis company, Elliptic, told the newspaper that many transfers had followed “rigid fixed models”, referring to the movement of the internal fund rather than organic adoption.
While Grinene denied direct links with Garantex, evidence suggests that the platform may have absorbed part of its customers.
“Garantors users with exceptional sales at the time of closure could have been credited these balances on new accounts set up on Grinex,” said the elliptical co-founder Tom Robinson.
Guarantx was sanctioned by the US Treasury and struck with a freezing of 27 million USDT dollars by Tether earlier this year.
Currently, A7A5 is listed only on Uniswap and has a market capitalization of $ 151 million, with around 12 million tokens in circulation.
Compliance alert: #Garantx The founders are launching a new platform
1 / According to the Guarantex stop and #Attached Combining his wallets, the founders launched Grinene. Here is what we discovered
– Global book alerts (@globalledger) March 19, 2025
Compliance alert: 
It is exchanged not only for the Russian ruble, but also against the main stablescoins like the USDT and even the US dollars, according to the Grinene Telegram channel.
The company behind A7A5 claims that the token is entirely supported 1: 1 by the reserves of the ruble held in Promsvyazbank, a bank based in Moscow under Western sanctions because of its role in the military financing of Russia.
Despite its controversial increase, A7A5 attracted around 24,000 holders, based on Etherscan and Tronsan data.
However, analysts remain skeptical about its broader adoption, noting the concentrated transaction activity and the opaque origins of many flows.
Adding to the plot is the alleged political link of A7A5. The Center for Information Resilience has reported links between Stablecoin and Ilan Shor, a Moldavan businessman and a sanctioned political figure found guilty of fraud.
Although A7A5 claims to have broken the links with the A7 project linked to Shor in May, Shor was seen promoting Stablecoin at the International Economic Forum in Saint Petersburg in Russia in June.
Archetyp Market closed in Europol Raid
In June, Europol dismantled one of the oldest markets in the Dark Web, Archetyp Market, after coordinated raids in six countries.
In a similar incident, American police have seized the cryptography linked to Bidencash, the infamous Dark web market, accused of having sold more than 15 million stolen credit and personal data cards.
The international operation has shot approximately 145 Darknet and traditional internets associated with the market.
In addition, the DoJ recently seized more than $ 24 million in cryptocurrency from a Russian National accused of developing and operating the Malveillant Qakbot software.
The Stablecoin A7A5 position supported by the ruble moves $ 9.3 billion on the successor to the sanctioned Russian exchange, Grinex, appeared first on Cryptonews.
