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In Mainft there is a story about a new stablecoin backed by RUBE, called A7A5, and a new exchange that uses it, called Grinex:
A new cryptocurrency token designed to allow cross -border payments despite the western sanctions against Russia, founded by an fugitive moldavo oligarch and a bank of the Russian defense sector, has moved about $ 9.3 billion in an exchange of crypto crypto dedicated in just four months since it was launched, discovered the FT.
One of its many curiosities is the size of this Russian cryptographic company.
As we report in the piece, there are almost 12 billion tokens A7A5 in circulation, equivalent to around $ 156mn at the current exchange rate. Since Grinex was launched, these tokens have been used to move more than $ 9.3 billion to and from the wallets that cryptographic analysis companies have linked to exchange. That is equivalent to the entire supply of the token that enter and leave the GRINEX wallets 60 times in just over three months.
How can that number be so big? And what is the real scale of the economic activity that supports these movements?
The first thing to say is this: there are real things that support volumes and we can see the interactions of the real world. For example, we have found a market that allows people to exchange A7A5 for USDT, Tether’s stable, widely used.
This provides some clues about the trade scale in A7A5. Since the end of April, a total volume of $ 129mn was negotiated in A7A5 in this market, most of which changed Ersatz rules for a type of dollars.
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If you strengthen your eyes, the volume of operations seems to be increasing, but the market is lump: it seems that a small number of actors is occasionally turning large sums of money. At the time of our analysis, there had only been 612 exchanges in total.
While we can say that A7A5 is being used for cross -currency transactions measured in the hundreds of millions, the great most of the movements we notice in the piece are far from this.
There is a reason why coins move so fast. A small number of wallets routinely send and receive very large sums from A7A5 to and Grinex wallet suspicions. And everyone shows the same behavior.
These wallets are sent a large round sum of A7A5, with a value of millions or tens of millions of dollars, of a Grinex wallet. Then, a little later (generally less than an hour), the same exact value is paid in another different grinex wallet.
We found eight accounts that followed this pattern, with more than 20 transfers in total Ay from alleged Grinex wallets. Their transfers represent $ 4.6 billion of $ 9.3 billion.
The strange and mechanical nature of this means that it is surely not an attempt to offer interests in the Token. Nor does it seem to wash the washing. This is too clumsy. There is also a cost for this: the people involved are paying “gas rates” to change these chips from one place to another. And the sums are massive.
It looks a lot that someone is using A7A5 in some kind of administrative financial process. And as we observe in the piece, this is a stablecoin that remains in the Moscow office hours:
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There are many possibilities here. Maybe the tokens are moving to a third party account as a guarantee while a transaction is deleted, then returned? Or maybe something different is happening? Answers in a postcard, while speculation can go in the comment box.
Additional reading:
– Crypto Coin for Russian Shadow Payments Moves $ 9 billion (FT)
