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Sanctioned Rouble-Backed Crypto Firm Sponsors Major Singapore Conference as Token Use Soars

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A company behind a rouble-backed cryptocurrency sanctioned by the U.S. and U.K. appeared as a platinum sponsor at TOKEN2049, one of the world’s largest crypto conferences, held this week in Singapore—underscoring how sanctioned entities continue to operate in global crypto circles.

The firm, A7A5, is based in Kyrgyzstan and runs a stablecoin pegged to the Russian rouble, launched in January by a Russian defense-linked lender and a payments company. Western governments say it is part of a network helping Russia evade sanctions imposed after its 2022 invasion of Ukraine.

Despite being targeted by U.S. and British sanctions in August, A7A5 had a prominent booth at TOKEN2049, where it was initially listed among more than 20 platinum sponsors. Conference staff reportedly wore A7A5-branded shirts, and the company’s director of regulatory and overseas affairs, Oleg Ogienko, even spoke on stage.

Following Reuters inquiries, all references to A7A5 and Ogienko were removed from the event’s website by Thursday afternoon. TOKEN2049 organizers, registered in Hong Kong, did not respond to requests for comment.

Ogienko confirmed that the A7A5 operation in Singapore was part of the sanctioned group, saying: “We were sanctioned several times.” He insisted the company complies with Kyrgyz regulations and denied any role in money laundering. “We just applied for participation, and the organizers confirmed it,” he said.

According to blockchain analytics firm Elliptic, A7A5’s trading volumes have surged, with $70.8 billion transferred since January, up from $40 billion in July. Daily transaction counts have doubled in the past month, suggesting increasing adoption of the token for cross-border transactions.

Ogienko told Reuters the token is used by Russian firms and foreign trade partners, particularly in Asia, Africa, and Latin America—regions where Moscow continues to seek alternatives to Western financial systems. “Many countries who trade with Russia use our stablecoin,” he said. “These are billions of dollars.”

Neither Singapore nor Hong Kong has imposed sanctions on A7A5 or its affiliates, leaving local regulators with little obligation to restrict participation. Legal experts told Reuters that U.S. sanctions lack jurisdiction unless American individuals or institutions are directly involved.

The controversy highlights the difficulty Western authorities face in curbing crypto-based sanctions evasion, as decentralized systems and jurisdictional loopholes allow targeted entities to remain active in the global digital economy.

TOKEN2049, attended by over 25,000 participants, featured top industry figures including Donald Trump Jr., Cantor Fitzgerald chairman Brandon Lutnick, and executives from major crypto firms. Spokespeople for Trump Jr. and Cantor Fitzgerald did not comment.

As A7A5’s presence drew scrutiny, it served as a potent symbol of how geopolitics, regulation, and blockchain technology continue to collide in a financial world increasingly beyond traditional control.

Iran’s Nobitex Crypto Exchange Hit by Hackers, $90 Million in Funds Destroyed

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A powerful anti-Iranian hacking group known as Gonjeshke Darande (Predatory Sparrow) claimed responsibility on Wednesday for a devastating cyberattack on Nobitex, Iran’s largest cryptocurrency exchange. The attack allegedly destroyed around $90 million in digital assets and threatened to leak the platform’s source code.

This marks the group’s second strike in two days, following an earlier operation targeting Bank Sepah, a state-owned Iranian bank. The campaign comes amid escalating tensions and missile exchanges between Israel and Iran.

The hackers claim Nobitex aids the Iranian regime in evading sanctions and financing militant groups, including Hamas, Palestinian Islamic Jihad, and Yemen’s Houthis. Blockchain forensics firm Elliptic confirmed these ties in a blog post, noting that funds had been exchanged between Nobitex and wallets linked to those entities.

Early Wednesday, funds were transferred from Nobitex to hacker-controlled wallets displaying anti-IRGC (Islamic Revolutionary Guard Corps) messages. Analysis by TRM Labs and Chainalysis confirmed that approximately $90 million in cryptocurrency was irretrievably “burned” in the operation, meaning the attackers intentionally rendered the assets inaccessible as a political statement.

Elliptic noted that the structure of the hacker wallets ensured that even the attackers could not access the stolen assets.

Nobitex confirmed in a post on X (formerly Twitter) that it had taken its website and app offline due to “unauthorized access.” Its Telegram support channels did not respond to inquiries.

The cyberattack adds to a growing list of high-profile hacks by Predatory Sparrow, which has previously disabled Iranian infrastructure, including gas stations and steel mills. Though Israel has never officially claimed the group, its operations are widely considered to align with Israeli cyber interests.

Senators Elizabeth Warren and Angus King recently highlighted Nobitex’s suspected role in Iranian sanctions evasion in a letter to the Biden administration, citing prior Reuters investigations from 2022.

Cybersecurity experts warn that this breach could further inflame geopolitical tensions while demonstrating the increasing use of blockchain technology in modern cyber warfare.

Telegram Blocks Two Massive Black Market Services Linked to Cybercrime and Money Laundering

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Telegram has shut down two major digital black markets—Xinbi Guarantee and Huione Guarantee—which collectively facilitated over $35 billion in transactions since 2021, according to blockchain analytics firm Elliptic. The services, which primarily operated in Chinese and were known hubs for cybercriminals and fraud networks, appeared inactive as of Thursday.

In a statement to Reuters, Telegram confirmed the takedowns, saying:

“Criminal activities like scamming or money laundering are forbidden by Telegram’s terms of service and are always removed whenever discovered.”

Massive Fraud Ecosystems Dismantled:

  • Xinbi Guarantee and Huione Guarantee far surpassed older dark web markets such as Silk Road, which was infamous for illegal drug distribution.

  • The platforms served as critical infrastructure for illicit services, including:

    • Stolen data trading

    • Money laundering

    • Fraudulent telecom operations

Elliptic hailed the shutdown as a major win in the fight against online fraud, calling it a “big blow for online fraudsters”.

Ties to Broader Cybercrime Networks:

  • Huione Guarantee, which once operated under the name Haowang Guarantee, is a subsidiary of Cambodia-based Huione Group, also linked to Huione Pay and Huione Crypto.

  • U.S. officials allege these entities were used by state-sponsored hacking groups, including North Korea’s Lazarus Group, which funneled more than $150,000 in cryptocurrency through Huione Pay.

Earlier this month, the U.S. Treasury Department sanctioned the Huione Group, describing it as the “marketplace of choice for malicious cyber actors,” effectively cutting it off from the U.S. financial system.

Platform Reaction and Future Concerns:

  • In a statement posted to its website, Huione Guarantee confirmed that it had been blocked by Telegram on Tuesday and would “cease operations from now on.”

  • Attempts to reach Xinbi Guarantee or Huione Group for comment were unsuccessful.

While Telegram’s move highlights growing efforts by tech platforms to combat illegal activity, analysts warn that such services may resurface under new identities unless systemic enforcement and financial sanctions continue to evolve alongside cybercrime techniques.