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    Case Studies/A7A5
    A7A5

    A7A5: $545M parked, 88% in one wallet

    September 23, 2026 · TRON · OFAC-designated issuer wallets

    supply at par
    $545M
    held by one vault
    87.6%
    human-scale turnover
    $93M
    invisible to screeners
    14 / 32

    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. Re-measured on 23 September 2026: the TRON contract carried 45.85 B A7A5 (≈ $545 M at par) — 19 % more than the totalSupply() figure explorers print — and one vault held 87.6 % of it, down from 90.5 % three weeks earlier after 1.28 B moved to four unlabelled addresses. Of $136.3 B in raw turnover, $93 M is human-scale; and 14 of 32 key addresses are invisible to the OFAC list, the free Chainalysis oracle and ChainHint's own database alike. Exact round trips inside 24 hours account for 16.1 % of all turnover the asset has ever recorded.

    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. By 23 September 2026 it held 40.18 B (87.6 %): 1.28 B left by ordinary transfers to four unlabelled addresses, the first movement out of the vault since it was filled. The Grinex-hack consolidation wallet has been blacklisted by the issuer since 16 April 2026; the finding below gives its balance and the basis for it.

    Key findings

    Supply

    45.85 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 a new distributor wallet 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 17 of 32Re-run 23 September 2026 with both controls flagged by all three screens. Of 32 key addresses OFAC lists 11, our database knows 22 and blocks 17, and the free Chainalysis oracle — in the one run of four that answered with both control addresses flagged — returned no match on the 27 it answered — it replied HTTP 200 with an empty error body for the other five, which is printed as five unanswered rather than as five clean. 14 addresses are invisible to all three, plus the one whose oracle answer never came. On 3 September the same test read 18 of 31 invisible, and our own database then labelled three of them clean. sql/m7_screener.sql
    OUR OWN GAP

    Turnover

    16.1 % of all turnover is the same coins coming backExact round trips inside 24 hours — the same amount returning to the wallet that sent it — account for $21.9 B of the $136.3 B this asset has ever moved, counting both legs. In August that share was 55 %, and 62 % over 1–23 September. 13 addresses carry half of all turnover and 251 carry ninety percent. Turnover is the figure A7A5 is sold on; this is the part of it that is not trade. research/a7a5
    MEASURED 2026-09-23

    Grinex-hack wallet

    374 M A7A5 ≈ $4.45 M373.96 M after rebasing, 352.49 M principal. Blacklisted by the issuer on 16 April 2026 and not moved since; 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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