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Shadow is a developer platform that gives you full control over onchain event data for any contract. Emit private shadow logs to monitor, test, debug, and run analysis on contracts.
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BIS Warns: Crypto Exports Are Evolving into "Shadow Banks," Leaving Users Exposed to Unsecured Risks
the Bank for International Settlements (BIS) has released a report stating that crypto exchanges are increasingly offering banking-like services, such as lending and yield-bearing products (Earn), but lack the regulatory oversight and deposit protection found in traditional financial systems, posing systemic risks.The report states that these high-yield products are essentially more akin to "unsecured loans." User assets are often used by platforms for high-risk operations such as lending, trading, or market making, while users only hold a claim against the platform. If the platform encounters problems, users are directly exposed to solvency risks.The BIS also noted that major crypto platforms have evolved from simple exchanges into "multi-functional intermediaries," integrating the functions of banks, brokerages, and exchanges, but with insufficient transparency and risk isolation mechanisms. The collapses of Celsius Network and FTX are typical examples of this structural risk. Additionally, the report mentions the crypto market flash crash in October 2025, which triggered approximately $19 billion in forced liquidations, highlighting the risk of cascading effects under high leverage and opaque structures. (CoinDesk)
Grinex Ceases Operations, Potentially Delivering a Heavy Blow to Russia’s Sanctions-Evasion Shadow Financial System
According to DL News, Russian cryptocurrency exchange Grinex announced last Wednesday that it would cease operations after suffering a cyberattack that resulted in the theft of over 1 billion rubles—approximately $13 million. The report states that Grinex had processed nearly $100 billion in trading volume for the sanctioned stablecoin A7A5 in 2025. Its shutdown is expected to weaken Russian companies’ ability to convert rubles into usable international currencies and deliver a severe blow to Russia’s shadow financial system designed to circumvent sanctions. Grinex was viewed as the successor to Garantex, which had previously been sanctioned and shut down. Both Grinex and Old Vector—the issuer of A7A5—were sanctioned in August 2025 by the United States, the European Union, and the United Kingdom.