Crypto coin for Russian shadow payments moves $9bn
俄羅斯那些見不得光的支付，有種加密幣竟然流動了 90 億美元！

A new cryptocurrency token designed to allow cross-border payments in spite of western sanctions on Russia, launched by a fugitive Moldovan oligarch and a Russian defence sector bank, has moved some $9.3bn on a dedicated crypto exchange in just four months since it was launched, the FT has found.
《金融時報》最近發現，有一個新的加密貨幣代幣，據說是為了繞過西方對俄羅斯的制裁、方便跨國支付而設計的。這個代幣是由一位逃亡的摩爾多瓦寡頭和一家俄羅斯國防產業的銀行共同推出的。結果咧，從推出到現在才短短四個月，它在一個專門的加密貨幣交易所上，交易量竟然已經衝到大概 93 億美元了，有沒有嚇人！

Billed as the first stablecoin pegged to the Russian rouble, the A7A5 token was officially launched in Kyrgyzstan in February and aims to facilitate large-scale financial flows into and out of Russia, which have been severely complicated by western restrictions.
A7A5 這個幣號稱是首個與俄羅斯盧布掛鉤的穩定幣，二月才在吉爾吉斯正式上線。他們的主要目標就是幫俄羅斯的大額資金進出開路，因為西方祭出一堆限制後，錢根本很難流動。

An FT analysis of wallets linked to Grinex, a crypto exchange also founded very recently in Kyrgyzstan and trading only in A7A5, roubles, and a dollar-pegged stablecoin, shows a total of $9.3bn worth of A7A5 being moved to and from wallets linked to that exchange.
《金融時報》分析了一間也才剛在吉爾吉斯成立的加密貨幣交易所 Grinex 相關的錢包。這家交易所只做 A7A5、盧布和一種與美元掛鉤的穩定幣交易。結果發現，有高達 93 億美元價值的 A7A5 在與這家交易所相關的錢包之間流動。

The stablecoin says it is backed by rouble deposits in Moscow’s Promsvyazbank, a defence sector bank subject to US, UK and EU sanctions over Vladimir Putin’s full-scale invasion of Ukraine. The coin’s rapid growth is clear: it now has 12bn tokens in circulation, equivalent to $156mn, and is used intensively by a relatively small group of users, whose daily transfers routinely amount to several times that volume.
這個穩定幣聲稱，它背後的儲備是在莫斯科的 Promsvyazbank，這是一家國防產業的銀行，因為 Vladimir Putin 全面入侵烏克蘭的關係，正受到美國、英國和歐盟的制裁。這個幣成長速度快得嚇人：現在市面上流通的代幣量已經有 120 億個，大概是 1.56 億美元，而且一小群用戶用得很兇，他們每天的轉帳金額常常都是這個量的數倍。

But the A7A5 token also appears to be linked to Moscow’s attempts to use cryptocurrencies to bankroll political influence campaigns abroad, according to a new report by the Centre for Information Resilience (CIR), a London-based non-profit research group.
但根據倫敦一家非營利研究機構「資訊韌性中心」（Centre for Information Resilience, CIR）的最新報告，A7A5 這個幣似乎也跟莫斯科想用加密貨幣資助海外政治影響力活動的企圖有關。

A7, the company initially behind the token, now subject to British sanctions, is majority-owned by Moldovan businessman Ilan Șor, Russian corporate records show. Șor fled from house arrest in Moldova in 2019 after he was convicted of stealing $1bn in the largest bank fraud in the country’s history. 
根據俄羅斯的公司登記資料，A7 這家公司最初是這個幣的幕後推手，現在已被英國制裁，其大股東是模爾多瓦商人 Ilan Șor。Șor 在 2019 年因為模爾多瓦史上最大宗的銀行詐欺案、竊取 10 億美元被定罪後，從居家監禁中逃脫。

Șor moved to Moscow, and became a Russian citizen. Last year he was accused by Moldovan police of running a vast vote-buying operation in Moldovan elections, accusations he described as an “absurd spectacle”. 
Șor 逃到莫斯科，還入了俄羅斯籍。去年，模爾多瓦警方指控他在模爾多瓦選舉中搞大規模買票，但他把這些指控形容是「荒謬的戲碼」。

In its new report, CIR found multiple domains used in political influence operations in Moldova shared an IP address with A7 and A7A5 sites. Șor did not respond to a request for comment. In a statement, A7A5 said that while it “co-operated with the technical team of A7 at the early stage”, it “decided to separate completely due to different visions of development strategy” last month.
CIR 在最新的報告中發現，模爾多瓦一些被用於政治影響力活動的網域名稱，竟然跟 A7 和 A7A5 網站共用一個 IP 位址。Șor 對此沒有回應評論請求。A7A5 在一份聲明中表示，雖然他們「早期跟 A7 的技術團隊合作過」，但上個月「因為發展策略的願景不同」，決定「完全切割」。

The stablecoin’s creation comes amid increased scrutiny of Russia-linked transactions for sanctions compliance and the exclusion of some Russian banks from the Swift international messaging network.
這個穩定幣的出現，正好是在各界越來越嚴格審查與俄羅斯相關的交易是否符合制裁規定，以及一些俄羅斯銀行被排除在 Swift 國際支付網絡之外的時候。

“Russian business figures and government officials have been talking for a while about how they might use cryptocurrency to evade sanctions in a large-scale way, particularly by creating their own stablecoin,” Elise Thomas, senior investigator at CIR, said.
CIR 的資深調查員 Elise Thomas 說：「俄羅斯商界人物和政府官員一直在討論他們要怎麼大規模地利用加密貨幣來規避制裁，特別是透過創造自己的穩定幣。」

Kyrgyzstan was chosen because it is “friendly jurisdiction that is not so subject to sanctions”, A7A5’s director Leonid Shumakov has said. “It is no secret that this jurisdiction is currently helping a lot to cope with the pressure [Russia] is under.”
A7A5 的負責人 Leonid Shumakov 曾說，之所以選吉爾吉斯，是因為它是一個「對俄羅斯友好的司法管轄區，比較不會受到制裁」。他還說：「這不藏著掖著，這個地方目前對（俄羅斯）應對壓力幫助很大。」

Russian users can buy A7A5 tokens on the Tron or Ethereum blockchains and then use them to purchase Tether’s USDT, a US-dollar pegged stablecoin. From there, the user can withdraw the value in whichever country or currency they need. 
俄羅斯使用者可以在 Tron 或 Ethereum 區塊鏈上購買 A7A5 代幣，然後用它們購買與美元掛鉤的穩定幣 Tether 的 USDT。這樣一來，使用者就可以在任何他們需要的國家或貨幣中提取價值。

Shumakov said A7A5’s goal was to give “people the opportunity to use it as a bridge for a safe transition” to USDT, adding that many current A7A5 holders were likely to be Russian importers.
Shumakov 表示，A7A5 的目標是讓「人們有機會將其作為一個安全的過渡橋梁」來換取 USDT。他補充說，許多目前的 A7A5 持有者很可能是俄羅斯的進口商。

According to the company, a rouble is deposited in Promsvyazbank for every one used to purchase A7A5 — protecting the client in Russia from the volatility of traditional cryptocurrencies. The company states that the existence of those fiat reserves is verified by an independent Kyrgyz auditor.
這家公司說啦，他們在 Promsvyazbank 存了一筆盧布，就為了每一塊用來買 A7A5 的錢，這樣就能保護俄羅斯的客戶，讓他們不會受到傳統加密貨幣那種大起大落的影響。而且他們還說，這些法幣儲備都有請吉爾吉斯的獨立審計師驗證過，確定真的有這筆錢。

A7A5 and Grinex appear to have emerged and grown in the wake of the collapse of another major Russian shadow payments system.
看來 A7A5 跟 Grinex 這兩個東東，應該是趁著俄羅斯另一個大型地下支付系統垮掉之後，才慢慢冒出頭、長大的。

Garantex, Russia’s largest crypto exchange, was taken down by US law enforcement in March. Tether co-operated and froze $23mn worth of USDT held in Garantex wallets.
俄羅斯最大的加密貨幣交易所 Garantex 在三月的時候被美國執法單位抄了。而 Tether 也配合行動，凍結了 Garantex 錢包裡價值兩千三百萬美元的 USDT。

Garantex described Tether’s move as a declaration of “war against the Russian crypto market”. It rushed to invite customers to come for face-to-face meetings in its Moscow office to discuss recovering frozen assets.
Garantex 形容 Tether 這波操作根本是在對「俄羅斯加密貨幣市場」宣戰，而且還趕緊發公告，邀客戶直接到莫斯科辦公室，當面聊聊怎麼把被凍結的資產拿回來。

For Russian officials, Tether’s decision underscored the need to create a homegrown stablecoin. “Recent developments . . . lead us to think that we need to look at creating domestic instruments like USDT,” said Osman Kabaloev, a Russian finance ministry deputy.
對俄羅斯官方來說，Tether 的決定更讓他們覺得，自己開發穩定幣真是刻不容緩。俄羅斯財政部副部長 Osman Kabaloev 就說了：「最近發生的這些事… 讓我們不得不考慮，是不是該搞些像 USDT 這樣，屬於我們自己的工具。」

CIR’s Thomas said that “if you have a stablecoin that is controlled by an entity that is based in the west . . . you could lose your money”, while if the asset is based in Russia or a friendly country, the investment is safer.
CIR 的 Thomas 說，「如果你的 stablecoin 是被西方國家控制的機構掌握，你的錢可能就 GG 了」，但如果這個資產是俄羅斯或友善國家發行的，投資就相對安全一點。

Garantex was a major conduit for cash. The exchange has handled over $60bn worth of transactions since April 2022 and was used by Russian elites as well as in global criminal money laundering schemes, according to Elliptic, a blockchain analysis company whose data was used by US law enforcement in the operation.
根據區塊鏈分析公司 Elliptic 的數據，Garantex 一直是資金流動的重要管道。這家交易所自 2022 年 4 月以來處理了價值超過 600 億美元的交易，並被俄羅斯權貴和全球犯罪洗錢計畫所利用。Elliptic 的數據也被美國執法部門用於這次行動中。

In the weeks preceding the crackdown, however, a large amount of funds held in USDT on Garantex were moved into A7A5, according to Swiss blockchain research company Global Ledger. The two were already close: footage shared on social media from Garantex’s office shows an A7A5 logo on one of the booths.
然而，根據瑞士區塊鏈研究公司 Global Ledger 的數據，在掃蕩行動前幾週，大量存放在 Garantex 上的 USDT 資金被轉移到 A7A5。這兩者本來關係就很緊密：Garantex 辦公室在社群媒體上分享的影片中，可以看到其中一個攤位上就有 A7A5 的標誌。

Some $29mn worth of A7A5 tokens were then shifted on to Grinex, a newly founded exchange in Kyrgyzstan.
接著，價值兩千九百萬美元的 A7A5 代幣就被轉到 Grinex 上了，這間交易所最近才在吉爾吉斯成立。

Grinex, analysts say, appears likely to be an heir to the platform taken down by the US action. In its investigation, CIR found that Grinex and the issuer of A7A5 were both registered in Kyrgyzstan the same week.
分析師說，Grinex 很可能就是被美國盯上、然後下架那個平台的後繼者。CIR 調查後發現，Grinex 跟 A7A5 的發行方，竟然是在同一個禮拜、都跑去吉爾吉斯註冊的。

“Garantex users with outstanding balances at the time it was shut down could have these balances credited to new accounts set up on Grinex,” said Tom Robinson, chief scientist and founder of Elliptic. “It is therefore clear that Grinex is a direct successor to Garantex, and highly likely to be operated and controlled by the same parties.”
「Garantex 關閉的時候，那些裡面還有餘額的使用者，他們的錢都可以轉到 Grinex 開設的新帳號裡去。」 Elliptic 的首席科學家兼創辦人 Tom Robinson 這樣說。「所以很明顯，Grinex 就是 Garantex 的直接接班人啦，而且很有可能就是同一批人在經營和控制。」

Grinex told the FT it is an independent platform, unrelated to Garantex. “All claims of ‘continuity’ or ‘rebranding’ are speculative and not supported by the facts,” it said.
Grinex 對 FT 說他們是個獨立平台，跟 Garantex 沒關係。「所有說『延續』或『改名』的說法，都只是猜測，沒有事實根據。」他們這樣說。

“Grinex capitalised on market opportunities after the closure of Garantex as part of its growth strategy,” a representative said. “Grinex obtained a portion of the non-toxic customer base of the blocked Garantex exchange, committing only to users with a transparent history.”
一位代表說：「Grinex 在 Garantex 關閉後，把握住市場機會，這也是他們成長策略的一部分。」「Grinex 成功吸納了一部分被封鎖的 Garantex 交易所那些『沒問題』的客戶，只服務那些交易紀錄乾淨透明的使用者。」

The company also said that Grinex and A7A5 were independent entities, and that the “coincidence of registration dates and peaks in activity does not indicate any affiliation” between them.
這家公司還說啊，Grinex 跟 A7A5 都是各自獨立的個體，而且「註冊日期跟活動高峰期碰巧一樣，不代表它們之間有任何關聯」。

The listing of the stablecoin on the exchange was due to user interest, it said. “Amid increasingly frequent blockages by Tether, Russian-speaking customers need a reliable alternative to USDT.”

Grinex, it added, complies “with international sanctions regimes and does not conduct transactions with jurisdictions or individuals subject to restrictions”. It also contested the FT’s calculations.

An FT analysis of open source blockchain data found 124 wallets have transferred a combined $9.3bn worth of A7A5 to and from wallets that have been linked to Grinex. The true value of the transactions represented by these token movements is unclear: a large portion of the flows follow rigid fixed patterns which suggest they may be being used as part of an internal banking process.

“It seems highly likely that A7A5 exists for use by a relatively small number of services and actors at present,” an Elliptic note said.

It is not possible to confirm whether those actors are linked to Russia. However, an FT analysis of the transactions shows that they occur almost entirely on weekdays, often during Moscow office hours.

In a statement to the FT, A7A5 said it was “created as a response to the crypto community’s growing interest in stablecoins denominated in currencies other than the US dollar”.

“We see this as a real market opportunity,” it said.

Asked about connections to Garantex and the new Kyrgyz exchange, the issuer said: “The token was distributed through licensed brokers listed on the official website. Listings on individual trading floors took place on their own initiative or on the brokers’ initiative.”

A7 was added to the UK’s sanctions list in May. Speaking at a forum last week, Șor said that A7 was creating a larger, differentiated and “sufficiently invulnerable” new payments system. It would involve exchanging securities and “non-politicised” instruments like precious metals in order to avoid regulators. Crypto would be just one track, he said.

CIR found job adverts by A7 for Chinese speakers, energy experts and accountants in the United Arab Emirates, Kyrgyzstan and Russian-occupied Ukrainian regions.

Last year, Șor was involved in discussions with Keremet Bank in Kyrgyzstan, according to the US Office of Foreign Assets Control, as parts of plans “to create a sanctions evasion hub for Russia to pay for imports and receive payment for exports”. Ofac sanctioned the bank in January.

A7A5 did not respond to any questions from the FT about Keremet Bank, or about Șor and his activities in Moldova.