It seems that Garantex, a Russian digital currency marketplace penalized by the U.S. Department of the Treasury for supposedly assisting unlawful dealings, has rebranded itself as Grinex and restarted operations after moving money and patrons. BlackRock’s Bitcoin ETF Leads Market Turnaround with Significant Inflows
Global Ledger has found that Garantex washed over $60 million worth of its ruble-supported stablecoin A7A5 by ruining and re-minting the tokens to wipe out transaction record. These assets were then channeled into Grinex, permitting the new platform to function with a fresh start. A report by Global Ledger, mentioning a Swiss blockchain analytics firm, reveals that Garantex has relocated its liquidity and client balances to Grinex. The report mentions on-chain and off-chain proof implying a link between the two marketplaces, even though Garantex has formally shut. Furthermore, some patrons have apparently verified that assets formerly frozen on Garantex have surfaced in their Grinex accounts. Meanwhile, a Grinex worker has allegedly confessed in private talks that clients have been physically visiting Garantex offices to move assets between the two platforms.
In addition to monetary tracking, Global Ledger has pointed out several other indicators connecting Grinex to Garantex. The report also mentions data from Russian digital currency tracking platform CoinMarketRating, which lists Grinex as being established by the same squad behind Garantex. The Grinex website is reportedly akin to Garantex’s interface, and promotional materials propose that Garantex’s founders created it in response to penalties. Notably, Grinex began receiving considerable transaction volumes shortly after Garantex went offline, with over $29 million moved in by mid-March. Furthermore, blockchain data reveals that assets were methodically moved through disposable wallets before entering Grinex deposit addresses.
Garantex was initially penalized by the U.S. Department of the Treasury in 2022 for its alleged role in enabling unlawful financial activity. The EU later imposed its own penalties on February 24, 2025.
Notwithstanding encountering plentiful reverses, the Garantex interchange persists to function, managing finances via authorized Russian financial institutions and catering to its domestic consumer foundation.
The interchange was formally closed on March sixth, just a few days following Tether suspended almost 25 billion rubles worth of USDT stablecoins associated with the platform.
Adding to their difficulties, Aleksej Beschokov, a co-creator of Garantex, was apprehended by Indian officials a week subsequently and is presently anticipating deportation.
