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On top of the mainft have a story about a New Restricted Staberscoincalled A7A, and a new exchange used it, called Grinex:
A new cryptocurency sign intended to allow cross-border fees despite Russia’s Russian sector, built by a dedicated crypto oligarch and a dedicated sective exchange in four months since it was launched, found ft.
One of its many curiosities is about the size of this crypto crypto crypto crypto.
While we reported in the piece, almost 12bn A7A5 circulation tokens, equivalent to $ 156mn at the current exchange rate. Since Grinex launched, these tokens are used to move above $ 9.3bn to and from purse companies Crypto Analytics associated with the exchange. That is equivalent to the full supply of sign moving out and outside Grinex Witlet 60 times for more than three months.
How could that number be too big? And what is the actual measure of economic activity moving these moves?
The first thing to say is this: There are real things that change the volumes and we can see the interactions of the real world. For example, we found a market that allows people to sell A7A5 for USDT, the widely used dollar wings of Tetlar.
It provides some signs about a7A5 trading scale. Since the end of April, a total amount of $ 129mn value of A7A5 is sold in this market – mostly those who move to ersatz dollars.
If you squint, the number of trades seems to be different from the rise, but the market is Lumpy: It is a small number of actors sometimes changing many currencies. During our analysis, there are 612 swaps in total.
While we can say that A7A5 is used for cross-currency transactions measured by hundreds of millions, the quantity of moves we know in its piece is far from it.
There is a reason why coins are very easy. A small number of wallets often sends and receives a large amount of A7A5 to and from suspected Grinex Wallets. And they all show the same behavior.
These purses send a large round value of the A7A, worth millions or ten million dollars, from a grinex wallet. Then, in a small period (usually less than an hour) the exact same amount paid to another, different grinex purse.
We find eight accounts that follow this pattern, with more than 20 transitions to overall to go and from suspected grinex purses. Their transitions accounts for $ 4.6bn at $ 9.3bn.
Its strange, mechanical nature means it is certainly not an attempt to prompt the token’s interest. It also doesn’t look like laundering. It’s all too clunky. There is a cost of this, too: people involved pay the “free fees” of gas “to move the tokens back and forth. And the values is widely.
Looks like someone like someone who uses A7A5 in some kind of Procial Process Management. And when we noticed in the piece, it was a stablecoin that went on time in Moscow Office:
There are many possibilities here. Maybe tokens are added to a third party account as a collateral while a transaction clears, then paid? Or maybe something different happens? The answers to a postcard, while counting can go to the comment box.
Additional Reading:
– Crypto Coin for Russian shadow payments operating $ 9bn (Ft)
