Garrantex, a Russian crypto exchange sanctioned by the US, is reportedly back in the business world under a new name, Grinex, after moving funds and users to the platform.
A report From the Swiss blockchain analysis company Global Ledger claims that Garrantex has moved its liquidity and customer balances to Grinex. The report quoted on-chain and outdoor chains that connect the two stock markets, despite the official closure of Garrantex.
Global Ledger discovered that Garrantex for more than $ 60 million to rubles-supported Stablecoins, A7A5, was washed by a process of burning and reminenting to wipe transaction histories. These funds were then led to Grinex, allowing the new platform to work with clean records.
In particular, Grinex began to receive large transaction volumes shortly after Garrantex had gone offline, with incoming transfers that surpassed $ 29 million in mid -March. In addition, Blockchain data showed systematic fund movements by one-off portfolios before they settled in the Grinex deposits.
Furthermore, some users have reportedly confirmed that previously blocked Garantex funds appeared in their Grinex accounts. In the meantime, a Grinex staff also admitted in private conversations that customers physically visited the Garrantex office to move funds between the two platforms.
In addition to the financial path, Global Ledger pointed to various other indicators that link Grinex to Garrantex.
The Grinex website is said to appear on the Garrantex interface, and promotional materials suggest that the founders of Garrantex have made them in response to sanctions.
The report also mentioned Coinmarketating, a Russian crypto-tracking platform, which mentions Grinex as founded by the same team behind Garantex.
Garrantex was punished by the American treasury in 2022 for alleged facilitation of illegal transactions. The European Union later imposed its own sanctions on February 24, 2025.
Despite the performance, it continued to operate, funds process via sanctioned Russian banks to serve local users.
The exchange was officially closed on March 6, just a few days after Tether froze in Stablecoins with ruble in Stablecoins.
A week later, the Indian authorities arrested co-founder of Garrantex, Aleksej Bešciokov, who is now waiting for extradition.
