A sanctioned Russian cryptocurrency exchange has reemerged under a new name just days after authorities shut down its operations, according to blockchain intelligence firm Global Ledger. The new platform, Grinex, has already processed $36 million in incoming transactions despite international efforts to curtail the sanctioned exchange's activities.
The findings, shared exclusively with BeInCrypto, reveal that Garantex's founders quickly established Grinex approximately one week after U.S. and European Union authorities targeted the original exchange. Global Ledger's investigation presents evidence of direct connections between the two platforms based on blockchain analysis and user reports.
"Swiss blockchain analytics company Global Ledger has completed its investigation and gathered conclusive evidence that Grinex, the exchange that emerged shortly after the dramatic collapse of Garantex, is, in fact, a direct continuation of Garantex itself," the company stated in its exclusive press release.
The connection centers on A7A5, a ruble-backed stablecoin that Garantex listed less than a month before its shutdown. Blockchain analytics tracked a substantial transfer of A7A5 liquidity from Garantex to Grinex shortly after the latter's launch. This movement of digital assets provides the strongest evidence linking the two exchanges.
Global Ledger's report highlights striking similarities between the exchanges' user interfaces. A marketing statement discovered on a Russian cryptocurrency tracking site called "CoinMarketRating" directly claims that Garantex's owners established Grinex, further substantiating the connection between the platforms.
More compelling evidence emerged as former Garantex users reported receiving reimbursements through Grinex for funds they had lost when the original exchange was shut down. Sources cited in the report indicate that Grinex customers have been visiting Garantex's physical office location for in-person transactions. These activities suggest a coordinated effort to maintain operations despite regulatory actions.
The original sanctions against Garantex came in 2023 when the U.S. Department of Justice targeted the exchange for alleged violations. Earlier this month, authorities escalated enforcement actions when Tether froze approximately $28 million in USDT held in Garantex-linked wallets.
This freeze coincided with the arrest of a Garantex co-founder and the seizure of the exchange's domain names.
Despite these actions, the quick reestablishment of operations under the Grinex name demonstrates the challenges facing international regulators attempting to enforce sanctions against Russian financial entities. The case represents another example of how cryptocurrency infrastructure has been utilized to circumvent international sanctions against Russia.
Analysts suggest that even if law enforcement moves quickly against Grinex, the exchange's operators could potentially deploy the same strategy again, launching under yet another name to continue operations.
