The Russian cryptocurrency exchange Garantex, which has been under international sanctions, has reportedly resumed operations under a new name. According to Swiss analytics firm Global Ledger, key assets and liquidity from Garantex have been transferred to a new platform called Grinex.
In their March 19 report, Global Ledger analysts provided blockchain transaction evidence suggesting a systematic transfer of funds between the two exchanges. The report highlights the use of one-time wallets and addresses previously associated with Garantex, which researchers claim proves that Grinex is a direct successor to Garantex and continues its financial operations.
Asset Transfers Worth Tens of Millions of Dollars
Global Ledger's analysis revealed that over $60 million in Russian ruble-backed stablecoins (A7A5) were laundered through Garantex before being transferred to Grinex.
According to researchers, the funds were laundered through a token "burning" scheme, where the old tokens were destroyed and replaced with newly minted coins from a system address with no prior transaction history.
Additionally, a Garantex manager allegedly told analysts that customers physically visited the exchange’s office to transfer funds from Garantex to Grinex. The exchange had previously stated that it would compensate users for frozen assets on a case-by-case basis, arranging in-person meetings for convenience.
Grinex's financial activity as of March 14:
- Incoming transactions: $30 million.
- Monthly trading volume: $68 million, including $2 million in spot trading.
Sanctions and Arrest of the Operator
Garantex has been under U.S. sanctions since April 2022 due to money laundering allegations. In early March 2025, the U.S. Department of Justice, in coordination with German and Finnish authorities, seized domain names linked to the exchange, citing that since its 2019 launch, over $96 billion in illicit transactions had flowed through Garantex.
At the same time, Tether froze $27 million in USDT, forcing Garantex to halt all operations, including withdrawals.
On March 12, Indian authorities arrested Aleksej Bešciokov, who was allegedly managing Garantex. He has been charged with conspiracy to launder money at the request of U.S. law enforcement.
Hacker Connections and Sanctions Evasion
Beyond its connection to Grinex, Garantex has been identified in an AML investigation by GetBlock as one of the main platforms used by cybercriminals to launder funds.
Findings from the investigation:
- North Korean hacker group Lazarus Group laundered over $30 million through Garantex.
- The exchange processed transactions for ransomware groups like Conti, LockBit, and Black Basta, despite international sanctions.
Methods used to evade sanctions:
🔹 Frequently transferring assets to new addresses to complicate transaction tracking.
🔹 Using Tornado Cash, a cryptocurrency mixing service that obscures transaction trails.
🔹 Ignoring warnings from blockchain analytics firms and continuing to process suspicious transactions.
Despite multiple blacklistings and restrictions, Garantex reportedly processed over $60 billion in transactions, including funds from illicit sources.
New Exchange, Same Old Schemes
Analysts note that Grinex is rapidly gaining market share despite Garantex’s shutdown.
On Russian crypto tracker CoinMarketRating, Grinex is explicitly described as being created by Garantex’s owners.
Global Ledger considers this further proof that Grinex is not an independent project but rather a continuation of Garantex under a new brand.
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.
