The crypto exchange Garantex, sanctioned by the US and the EU, has resumed its operations under the new name Grinex. A report by the analytics firm Global Ledger unveils details of the transformation and financial operations related to the new platform.
Transformation of Garantex into Grinex
According to the Global Ledger's report, Garantex secretly transferred its liquidity, user balances, and infrastructure to the newly established Grinex platform. Grinex's website and promotional materials suggest it was created by the same team behind Garantex.
Financial Manipulations and Transactions
Global Ledger reveals that Garantex laundered over $60 million by burning and reminting ruble-backed stablecoins to erase transaction histories. These funds were redirected to Grinex, allowing the new exchange to operate without traces of the old platform’s activities. By mid-March, Grinex had received more than $29 million through systematic fund transfers via disposable wallets.
Sanctions and Future Actions
Garantex was sanctioned by the US and the EU for allegedly enabling illicit transactions. Despite these sanctions, the exchange continued to operate through Russian banks until Tether froze 2.5 billion USDT in ruble-backed stablecoins, leading to its closure. Meanwhile, Indian authorities have arrested Garantex co-founder Aleksej Bešciokov.
The transformation of Garantex into Grinex has raised numerous questions about circumventing sanctions and ensuring continued operations. Attention is now focused on the activities of the new platform by both analysts and legal advocates.
