TRM Labs

A dispute over the ruble-pegged stablecoin A7A5 is intensifying as its issuer claims large-scale activity while blockchain analytics firms point to declining usage and inflated transaction flows. The disagreement highlights how difficult it can be to measure crypto activity tied to sanctions, decentralized finance and Russia-linked payment networks.

CoinEx has pushed back against allegations that it served as a major conduit for sanctioned Iranian crypto activity. TRM Labs says the exchange handled billions in blockchain-traced transfers, while CoinEx denies any commercial relationship with Iranian entities.