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    Case Studies/A7A5
    A7A5

    A7A5: $523M parked, 90% in one wallet

    September 3, 2026 · TRON · OFAC-designated issuer wallets

    $523Msupply at par
    90.5%held by one vault
    $88Mhuman-scale turnover
    18 / 31invisible to screeners

    What happened

    A7A5 is a ruble-pegged, yield-rebasing stablecoin issued on TRON and Ethereum since January 2025. The EU prohibited any transaction involving it in the 19th sanctions package (Council Regulation (EU) 2025/2033, Article 5ba of Regulation (EU) No 833/2014, Annex LIII); OFAC designated its issuer-side wallets (Old Vector, Grinex, A7) on 14 August 2025. On 3 September 2026 the TRON contract carried 45.52 B A7A5 (≈ $523 M at par) — 18 % more than the totalSupply() figure explorers print — and one vault held 90.5 % of it. Of $133 B in raw turnover, $88 M is human-scale; 18 of 31 key addresses are invisible to the OFAC list, the free Chainalysis oracle and ChainHint's own database alike.

    How it unfolded

    Step 1

    Issuance

    Minted on TRON from 27 January 2025 and on Ethereum from 19 March 2025. Until 23 July 2025 every TRON mint went to the wallet OFAC later designated as Old Vector LLC (45.29 B A7A5). Yield is paid by rebasing, so totalSupply() reports shares, not balances.

    Step 2

    Designations and the operator's response

    OFAC designations on 14 August 2025; new distributors receive mints from 15 August. Between 15 August and 2 September 2025 the issuer blacklisted 13 addresses and destroyed 43.10 B A7A5 on TRON and 481.6 M on Ethereum, including the entire backing of the old wA7A5 wrapper. EU transaction ban adopted 23 October 2025.

    Step 3

    Parking

    After the Grinex halt in April 2026 a vault created on 4 May 2026 absorbed 41.17 B A7A5 — 90.5 % of the rebased supply. The Grinex-hack consolidation wallet (371 M A7A5) has been blacklisted by the issuer since 16 April 2026.

    Visualized on-chain map

    49 nodes · 59 edges · Mapped with ChainHint

    A7A5 Investigation Summary
    A7A5 Fund Flow Graph

    Key findings

    Supply

    45.52 B A7A5 on TRON vs totalSupply() 38.66 BtotalSupply() returns the share count of a rebasing token; explorers understate circulating A7A5 by 18 % and the vault's balanceOf() exceeds it. sql/m1_supply.sql
    EU-RESTRICTED ASSET

    Operator infrastructure

    New distributor 1 day after OFACMints moved from the Old Vector wallet to TNpJjV1h…Lnau on 15 August 2025; 13 addresses blacklisted and 43.10 B destroyed within three weeks. sql/m5_operator_map.sql

    Screener test

    OFAC 11 · Chainalysis oracle 0 · ChainHint 13 of 31Until the relabel of 2026-09, ChainHint's own database labelled the A7A5 contracts defi / clean; the vault, both distributors and the hack wallet were unknown to all three screens. sql/m7_screener.sql
    OUR OWN GAP

    Grinex-hack wallet

    TXK2UQ…uepy · 371 M A7A5 ≈ $4.3 MBlacklisted by the issuer on 16 April 2026; the signal to watch is a DeBlacklisted or DestroyedBlackFunds event naming it, then any outbound transfer. sql/m9_hack_wallet.sql
    MONITORING: PENDING

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