As of May 6, over 99.97% of votes cast on the WLFI governance forum supported the plan, with over 2.6 billion votes in favor and just 901,000 votes against.

“Testing the airdrop system in a real environment is essential to ensure smart contract reliability. It also acts as a meaningful thank-you to our earliest community members,” the proposal reads.

USD1 Test Launch And WLFI’s Growth Strategy

The exact amount of USD1 to be airdropped has not been disclosed and will depend on the number of eligible wallets and available budget. No date for the airdrop has been announced. WLFI reserves the right to suspend, modify, or cancel the test at any time.

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WLFI launched the USD1 stablecoin in March 2025. Since its September 2024 debut, the firm has conducted two public token sales, raising a total of $550 million from over 85,000 registered holders.

The Global Race For Stablecoins Intensifies

The market cap of US dollar-pegged stablecoins reached $230 billion in April, according to Citigroup, a 54% increase year-on-year. Tether (USDT) and USDC continue to dominate 90% of this market.

Meanwhile, other nations are exploring their own non-dollar stablecoins. On April 28, three major Abu Dhabi institutions revealed a dirham-backed stablecoin project. And in Russia, the Finance Ministry proposed creating a national stablecoin after sanctions froze wallets linked to Garantex and Tether.

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The post World Liberty Financial Proposes USD1 Airdrop To WLFI Holders appeared first on Coin Engineer.

Dmitry Titarenko, Mosca’s development director, confirmed that the raid was linked to a fraud case involving one of its customers. Titarenko stated, “Law enforcement agencies have conducted a standard check of our customer data.”

Following the raid, local news outlets reported that several Mosca customers might be connected to a crypto-related scam, where victims allegedly deposited large sums of cash into fraudulent schemes. According to reports, the amount involved was in the millions of dollars.

Cash-to-Crypto Ban: Aimed at Protecting Investors

The raid on Mosca came shortly after Evgeny Masharov, a member of the Russian Civic Chamber, proposed a ban on exchanges accepting cash for cryptocurrency purchases. Masharov argued that such a ban would significantly curb fraudulent activities, as many phone scammers use crypto exchanges to withdraw funds.

Local news channel Baza linked the raid to a record-breaking fraud involving Olga Serova, a former government advisor. Serova reportedly fell victim to scammers in late 2024, handing over approximately 421 million Russian rubles (around $5.1 million) to the fraudsters.

Mosca Platform Details

Mosca allows users to deposit up to 100,000 USDT (approximately $100,000) daily in cash. However, Titarenko emphasized that they were unaware if the fraud case involving Serova was related to the raid on their office. He also pointed out that this was the first raid related to a criminal case at Mosca in the past three months.

Titarenko further stated that the platform has been strengthening its Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures, including maintaining a blacklist of suspicious users.

Raids Could Become Commonplace for Crypto Exchanges in Moscow

Mosca was present at the Blockchain Life 2025 event in Moscow, which marked the first major crypto conference to return to the city since October 2021. Mosca participated as one of the main guests, taking two prime booths and winning the title of “Best Crypto Exchange Service.”

Sergey Mendeleev, a prominent figure in Russia’s crypto community, voiced concerns about the government’s move to ban cash-to-crypto transactions, suggesting it could signal a shift away from crypto adoption. He also pointed out that exchanges located in the Moscow International Business Center have become frequent targets of police raids. Previously, Garantex, another exchange, had suspended its operations after Tether froze $27 million in USDT due to sanctions.

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The post Russian Crypto Exchange Mosca Raided Amid Regulatory Pressure appeared first on Coin Engineer.

Garantex Shutdown, but Fund Movements Continue

After the US Treasury Department’s OFAC sanctioned Garantex in April 2022, and froze $27 million in USDT on March 6, 2025, the exchange halted all operations. Despite these actions, Global Ledger reports that Garantex shifted its remaining funds to Grinex.

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By March 13, 2025, over $60 million worth of ruble-backed A7A5 stablecoins had been laundered through wallet transactions and moved to Grinex. Analysts note that these transactions aimed to clean the asset trail and relaunch operations under a new identity.

Is Grinex Just a New Face of Garantex?

Global Ledger‘s findings indicate that Grinex is directly connected to Garantex, both on-chain and off-chain. Transaction patterns, wallet reuse, and user behaviors strongly link the two exchanges.

Furthermore, CoinMarketRating lists Grinex as a project by Garantex‘s original team, reinforcing claims that it is not an independent platform but a direct continuation of Garantex’s operations.

Transaction Volume Surpasses $68 Million

By mid-March, Grinex had surpassed $68 million in total trading volume, including over $2 million in spot market trades. This activity suggests that Garantex’s previous users have migrated to Grinex, continuing to trade despite sanctions.

On March 12, 2025, Aleksej Bešciokov, allegedly responsible for managing Garantex, was arrested in India by the Central Bureau of Investigation. He faces US charges, including conspiracy to commit money laundering.

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The post Is Sanctioned Exchange Garantex Back as Grinex? appeared first on Coin Engineer.