A new cryptocurrency exchange, Grinex, has emerged in the wake of Garantex’s shutdown, raising concerns about potential sanctions evasion. 

According to an investigation by Swiss blockchain analytics firm Global Ledger, Grinex is not an independent entity but a direct continuation of Garantex’s operations. On-chain data reveals that Garantex systematically transferred assets to Grinex, allowing it to continue operations despite regulatory enforcement.

Garantex was taken down on March 6, following regulatory action and the freezing of its wallets by Tether. In the days that followed, user balances began moving from Garantex to Grinex, prompting investigators to dig deeper. 

One of the most striking pieces of evidence was the movement of the ruble-backed stablecoin A7A5. Originally listed on Garantex, the token reappeared on Grinex shortly after the former exchange’s collapse. When questioned in a Telegram chat, the stablecoin’s creators confirmed its availability on Grinex but carefully avoided discussing Garantex’s shutdown.

The investigation found a clear transaction trail linking the two exchanges. For nearly a month before its shutdown, Garantex had been accumulating A7A5 stablecoins in one of its wallets. On March 4, just two days before its closure, the exchange withdrew its holdings from blocked wallets and moved them to an accumulation wallet. 

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The next day, those funds were transferred through a chain of one-time-use wallets, eventually settling in a new address. On March 10, that wallet executed a series of transactions that burned and then reminted the stablecoins via a smart contract, effectively laundering the funds before they were deposited into Grinex-linked wallets. 

By March 14, Grinex had already processed over $29 million in incoming transactions, proving that users were moving their funds from Garantex to the new platform.

Grinex itself has not attempted to hide its connection to Garantex. The exchange’s promotional materials explicitly state that it was created in response to sanctions and frozen funds. Its website’s user interface closely resembles that of Garantex, reinforcing suspicions that the two are linked. 

Investigators also uncovered additional signs of continuity between the platforms. A well-known Garantex liquidity provider was among the first to fund Grinex, while transaction records showed that the exchange’s hot wallets received gas fees from a major Asian crypto exchange that had previously been used by Garantex for withdrawals. 

One of Grinex’s managers allegedly confirmed in a private conversation with Global Ledger that customers were still visiting the Garantex office to move their funds to Grinex. Some users have also confirmed that previously blocked funds from Garantex are now arriving in their Grinex accounts.

The rapid emergence of Grinex raises urgent questions about the effectiveness of regulatory enforcement in the crypto industry. 

Despite being officially shut down, Garantex has managed to reappear under a different name while seemingly continuing its financial operations. With the platform now attracting millions in transactions, regulators may need to act quickly to determine whether Grinex is violating sanctions or engaging in illicit activity.

 For now, the exchange remains active, providing a new avenue for Garantex users to reclaim their funds while operating under a growing cloud of scrutiny.