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US sanctions Russian crypto payment network involving Ruble-backed stablecoin and exchange
Summary: According to CoinDesk, the US Department of the Treasury's Office of Foreign Assets Control (OFAC) announced today sanctions on multiple companies, exchanges, and executives related to the Russian cryptocurrency exchange Garantex and the Ruble-backed stablecoin A7A5. OFAC disclosed that Garantex is suspected of processing over $100 million in ransomware and dark web transactions. After its ...
According to CoinDesk, the US Department of the Treasury's Office of Foreign Assets Control (OFAC) announced today sanctions on multiple companies, exchanges, and executives related to the Russian cryptocurrency exchange Garantex and the Ruble-backed stablecoin A7A5.
OFAC disclosed that Garantex is suspected of processing over $100 million in ransomware and dark web transactions. After its domain names were seized and $26 million in funds frozen, related parties quickly established Grinex to continue operations.
The A7A5 stablecoin is issued by the Kyrgyzstan company Old Vector and backed by the Russian state-owned bank Promsvyazbank. Blockchain analysis company data shows that the stablecoin's daily trading volume has reached $1 billion, with a total trading volume exceeding $51 billion, considered an important tool for evading sanctions.
This sanction action was coordinated by the US Secret Service and the Federal Bureau of Investigation, aiming to cut off digital asset channels used for ransomware attacks and sanctions evasion.
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