News

According to a report by blockchain intelligence firm TRM Labs, Russian entities are using Kyrgyzstan-based cryptocurrency platforms to circumvent sanctions. Crypto transactions linked to Russia now account for nearly the entire cryptocurrency industry in Kyrgyzstan, a sector that was "virtually nonexistent" in the country prior to the Russia-Ukraine war in 2022. On-chain analysis indicates that the now-defunct Russian exchange Garantex has likely rebranded as Grinex, facilitating large-scale ruble-to-crypto transactions using Russian-backed stablecoins such as A7A5. The transaction volume of Kyrgyzstan’s virtual asset service providers reached $59 million by the end of 2022, but surged rapidly to $4.2 billion in the first seven months of 2024. These platforms have become crucial channels for Russian entities to counter sanctions and maintain access to the global financial system. (decrypt)

According to ChainCatcher, data tracked by the Web3 asset data platform RootData X shows that in the past seven days, the decentralized perpetual contract and spot trading platform Amped Finance has attracted the most new followers among X (Twitter) top influencers. Notable new influential followers of this project on X include Elizabeth (@Elizabethofyou), crypto KOL Xueqiu (@xueqiu88), and 0xBclub (@0xBclub).