Sanctioned Russian Exchange Garantex Resurfaces as Grinex, Moves Funds and Users

A recent report by Swiss blockchain analytics firm Global Ledger claims that Garantex secretly transferred its liquidity, user balances, and infrastructure to the newly established platform.

According to Global Ledger’s findings, Garantex laundered over $60 million in ruble-backed stablecoins, identified as A7A5, by burning and reminting the assets to erase transaction histories. These funds were subsequently redirected to Grinex, enabling the new exchange to operate without traces of its predecessor’s activities.

The report also highlights suspicious transaction patterns, revealing that Grinex began receiving significant fund inflows shortly after Garantex officially shut down on March 6. By mid-March, transactions into Grinex had surpassed $29 million, with on-chain data showing systematic fund transfers through disposable wallets before reaching Grinex deposit addresses.

Some former Garantex users have reported that their previously blocked funds are now accessible in their Grinex accounts. In addition, a Grinex staff member allegedly disclosed in private conversations that customers were physically visiting Garantex’s office to facilitate the migration of funds between the two exchanges.

Beyond financial transactions, several indicators suggest that Grinex is a direct continuation of Garantex. Global Ledger noted that Grinex’s website closely mirrors Garantex’s design, while promotional materials hint at its creation by the same team behind the sanctioned exchange. Furthermore, CoinMarketRating , a Russian crypto-tracking platform, lists Grinex as founded by Garantex’s original leadership.

Garantex was initially sanctioned by the U.S. Treasury in 2022 over allegations of enabling illicit transactions. The European Union followed suit on February 24, 2025, imposing its restrictions . Despite these sanctions, Garantex continued processing transactions through sanctioned Russian banks to serve local customers.

The exchange’s shutdown came just days after Tether froze nearly 2.5 billion USDT in ruble-backed stablecoins, significantly impacting its liquidity. Shortly after, Indian authorities arrested Garantex co-founder Aleksej Bešciokov, who is currently awaiting extradition.

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