The “Black Hole” Crisis and the Birth of the Accounting Economy — Analytical Review. Part II

The “Black Hole” Crisis and the Birth of the Accounting Economy
Analytical Review (Parts 1 and 2)
with additions from April 2026

Part 1. The Liquidity Illusion
A paradoxical situation has emerged in the global economy. Formally, there has never been as much money in the world as there is today. The central banks of leading countries have printed trillions, and the cryptocurrency market has added trillions more in virtual tokens. But upon closer inspection, it turns out that up to 90% of this money supply is effectively frozen or withdrawn from active circulation. This money does not work to create anything new, does not finance real projects. It circulates inside a giant speculative system — the “economic black hole.”
Why did this happen? And what will replace the old system? An analysis of trends, combined with an understanding of the nature of money and blockchain technology, allows us to see the contours of the future — an economy based on the accounting of real resources.

1.1. Pyramid on a Pyramid
Modern money is backed by nothing but trust. Since 1971 (the abandonment of the gold standard), the US dollar — and with it all world currencies — became fiat. Its value rests on a system of trust, US military-political dominance, and its status as a global reserve currency.
Today, the situation has been aggravated by a new factor — stablecoins (USDT, USDC). Issuers deposit real dollars into banks and issue an equivalent number of tokens. But these tokens are repeatedly rehypothecated, used as collateral for new loans. One real dollar generates several virtual dollar obligations. This is a “shadow of a shadow” — a structure built on fiat dollars, which themselves are backed by nothing. The multi-story pyramid collapses, freezing liquidity at all levels simultaneously [1].
1.2. Money as a Weapon
The sanctions war has turned the dollar from a neutral instrument of settlement into a weapon. Freezing reserves, disconnecting from SWIFT, threats of secondary sanctions — all of this has struck at the very idea of money as an apolitical medium of exchange. Trust turned out to be an instrument that can be taken away on a political whim. Capital that could have been invested in development goes into “defensive” assets or freezes.
In Russia, even with rising oil prices, companies are betting on the devaluation of the ruble, buying up foreign currency, and withdrawing capital through semi-legal schemes. This is a flight from risk, not creation.
1.3. Resources vs. “Paper”
The fundamental contradiction is the confrontation between “paper” (fiat) assets and real resources. Russia, possessing oil, gas, gold, and rare earth metals, is trying to sell its goods for real value, not for depreciating dollars. Europe, meanwhile, pays 3–4 times more for energy, subsidizes its population, and sinks into recession.
Money invested in the “green transition” is frozen in inefficient assets. Commodity flows are redirected to the East and South. A “shadow tanker fleet” is forming, along with new logistics routes and new payment mechanisms. But the old financial world pressures with sanctions, keeping the system in a state of permanent war where normal economic development is impossible.

1.4. Blockchain: The Wrong Technology
Blockchain was created to solve the problem of trust in a digital environment. A thought experiment: a village of a hundred houses whose inhabitants do not trust each other. They record every transaction on paper and hand over copies to ten neighbors. If someone breaks the terms, ten witnesses will confirm it. This is the principle of blockchain.
But why was it necessary to create a new currency? The true purpose of blockchain is not the emission of new money, but the transparent accounting of what lies behind the money.
The Myth of Backing
In the crypto community, there is much talk about backing tokens with real assets. But the story about the existence of a well could be a fabrication. Even if the well is real, the owner could sell the resource at any moment. The stability of a currency is determined not by the number of bars in basements, but by the real economic system behind it.
Blockchain as an Accounting System
Blockchain is ideally suited for recording obligations, resource flows, property rights, and contract execution. A transaction record cannot be rewritten retroactively. Blockchain becomes a technology that ensures trust between participants in the economic system.
The Illusion of Decentralization
Access to cryptocurrencies is through exchanges, payment gateways, and exchangers — centralized points. User accounts have been blocked on major crypto exchanges due to sanctions or regulatory requirements. Formal decentralization does not mean real freedom.

Part 2. The New Architecture of Global Money
Three key events in April 2026 set a new coordinate system.
Contour 1. IMF on Tokenization
The International Monetary Fund stated that tokenization could make finance more efficient, improve cross-border payments, and enhance financial inclusion in developing economies. But the Fund expressed concern about volatility and the “erosion of monetary sovereignty” [2][3].
The IMF’s analytical note (April 2026) contains three key warnings:
1.Acceleration of crises — instant settlements eliminate traditional buffers; a liquidity collapse could become avalanche-like.
2.Erosion of sovereignty — private stablecoins undermine the monetary policy of countries, especially developing ones.
3.Unclear stability risks — no one knows how a tokenized system would behave under a real shock [2][3].
Contour 2. Saylor and Institutional Accumulation
Michael Saylor (Strategy, formerly MicroStrategy) continues his massive bitcoin purchases. As of mid-March 2026, the company holds approximately 761,068 BTC (over $50 billion). About $23 billion was invested in 2025 alone. Saylor publicly rejects accusations of accumulating “paper bitcoin” and insists he is buying real coins [4].
His strategy is “infinite accumulation” through issuing low-interest debt obligations. This is the antithesis of the IMF approach: Saylor does not believe in controlled tokenization, nor in CBDCs. His bet is on bitcoin as an absolutely scarce, politically neutral asset.
But Saylor is not creating a new economy based on bitcoin: he does not finance factories, build infrastructure, or issue loans. His capital is also part of the “black hole” — only long-term and conservative.
Contour 3. DOJ’s Strike on Market Makers
On April 1, 2026, the US Department of Justice charged ten executives and employees of four crypto market-making firms — Gotbit, Vortex, Antier, and Contrarian. They are accused of orchestrating wash trading and pump-and-dump schemes [5][6].
This is an unprecedented case: charges have been brought against specific individuals who face real prison time. The DOJ created a fake token and uncovered massive liquidity simulation. Consequences:
Liquidity in low-liquidity altcoins will collapse.
Exchanges will tighten listing requirements.
A precedent has been set for extradition and criminal prosecution.
The elimination of “gray” market makers clears the space for genuine, transparent liquidity.

2.1. Additional Trends of April 2026
Supply Chain Attack via the Axios Library
North Korean hackers (group UNC1069) compromised the account of a developer of the popular Axios library and injected malicious code into an update. The library is used by thousands of companies, including crypto projects. This is a supply chain attack — a classic method of the Lazarus Group [7].
Growth of Tokenized Real-World Assets (RWA)
As of February 2026, the total value of tokenized RWAs exceeded $25 billion, showing nearly 300% growth over the year. The largest institutional players, including BlackRock and Fidelity, have already launched tokenized funds [8].

2.2. Programmable Money as a Solution
How to connect the three contours (IMF, Saylor, DOJ) into a single architecture? The answer is programmable money.
Programmable money solves three fundamental problems of the old system:
1.Targeted use — funds issued for a specific project cannot be spent on speculation or withdrawn to offshore accounts. This is a direct response to the “black hole.”
2.Transparency — every transaction is recorded in a distributed ledger, accessible for verification.
3.Neutrality — open protocols cannot be arbitrarily shut down or used as weapons.
The tokenized RWA market has already grown to $25 billion [8], and Standard Chartered’s forecasts speak of $30 trillion by 2034. This is not the future — this is the present.

2.3. Architectural Conclusion: Three Scenarios
Scenario 1. Central Bank (IMF Model) [2][3]
States introduce CBDCs and controlled tokenization through licensed platforms. Plus: stability, consumer protection. Minus: preservation of the politicization of money (sanctions, freezes).
Scenario 2. Corporate (Saylor Model) [4]
Large corporations accumulate bitcoin as a hedge against inflation. Plus: independence from the state. Minus: increased inequality, lack of financing for the real sector.
Scenario 3. Protocol (Accounting Economy)
Open programmable money, backed by real resources (energy, raw materials, labor), with targeted use encoded in smart contracts. Plus: the only scenario that solves the “black hole” problem. Minus: coordination complexity, regulatory resistance.
Reality will be hybrid. But the main conclusion of April 2026 is that the old financial system is indeed dying. The IMF has recognized this, the DOJ has confirmed it, and Saylor is making money from it.

References
[1] Analytical review “The Black Hole Crisis and the Birth of the Accounting Economy” (Part 1), March 2026.
[2] IMF (2026). Tokenized Finance. IMF Notes, 2026(001).
https://www.imf.org/en/publications/imf-notes/issues/2026/04/01/tokenized-finance-574921
[3] Cointelegraph (2026). Tokenization makes finance more efficient but introduces risks: IMF.
https://cointelegraph.com/news/imf-tokenization-improves-finance-but-introduces-other-risks
[4] News.Bitcoin.com (2026). ‘The Orange March Continues’: Saylor Hints at Next Bitcoin Mega Buy as Strategy Expands Beyond 761K BTC Holdings.
https://api.news.bitcoin.com/the-orange-march-continues-saylor-hints-at-next-bitcoin-mega-buy-as-strategy-expands-beyond-761k-btc-holdings/
[5] CoinDesk (2026). Crypto’s wash trading problem is ‘far more common’ than investors think, DOJ sting shows.
https://www.coindesk.com/business/2026/04/02/doj-sting-exposes-crypto-wash-trading-continues-to-be-far-more-common-than-expected
[6] U.S. Department of Justice (2026). Ten Foreign Nationals Charged In An International Operation Targeting Cryptocurrency Market Manipulation.
https://www.justice.gov/usao-ndca/pr/ten-foreign-nationals-charged-international-operation-targeting-cryptocurrency-market
[7] The Hacker News (2026). Google Attributes Axios npm Supply Chain Attack to North Korean Group UNC1069.
https://thehackernews.com/2026/04/google-attributes-axios-npm-supply.html
[8] Coindesk (2026). RWAs exceed $25 billion after nearly quadrupling in a year.
https://www.coindesk.com/markets/2026/03/08/rwas-exceed-25-billion-after-nearly-quadrupling-in-a-year

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