In a recent exposé by our Partner FinTelegram dated March 21, 2025, Russian cryptocurrency exchange Garantex—sanctioned by both the U.S. and EU—has reportedly resurfaced under a new identity: Grinex. According to blockchain analytics firm Global Ledger, this rebranding is not merely cosmetic but a strategic maneuver to circumvent ongoing international sanctions.
Laundering Tactics and Financial Operations
Garantex is accused of laundering over $60 million in A7A5 ruble-backed stablecoins through a process involving “burning and reminting” to scrub transaction histories. These freshly minted tokens were then funneled into Grinex wallets. As of mid-March, Grinex had already processed $29 million in transfers and boasted monthly trading volumes of over $68 million.
Former Garantex users confirmed that their previously frozen assets had appeared in Grinex accounts, suggesting direct fund migration. A Grinex employee admitted some clients even visited Garantex offices in person to facilitate these transfers.
Evidence of Continuity
Investigators found extensive overlap between the two platforms:
- On-chain links show billions in A7A5 tokens transferred directly from Garantex to Grinex.
- Shared infrastructure includes similar website designs and marketing content.
- Grinex has reportedly reused Garantex’s backend systems and personnel, with promotional materials hinting that the same founders are behind the new brand.
Grinex is openly marketed as a sanction workaround for Russian users, utilizing local banks already under Western sanctions to support operations.
Law Enforcement and Compliance Efforts
While Tether froze $27 million linked to Garantex and authorities seized domains and another $26 million in assets in early March, enforcement remains a game of catch-up. The Garantex-to-Grinex transition highlights the difficulty of enforcing unilateral sanctions in decentralized finance.
On March 11, 2025, a major breakthrough came with the arrest of Aleksej Bešciokov, Garantex’s alleged co-founder, in India. Bešciokov, a Lithuanian national, was detained while vacationing and now faces extradition for charges related to money laundering, sanctions evasion, and facilitating ransomware transactions.
Regulatory Implications
Grinex’s emergence raises red flags for regulators worldwide. It serves as a case study in how sanctioned entities can:
- Rebrand and relaunch under new names.
- Exploit stablecoins and jurisdictional arbitrage.
- Continue operations by leveraging on-chain obfuscation and regulatory loopholes.
The Bigger Picture
Despite Garantex’s formal takedown, Grinex’s rapid success suggests that illicit crypto networks remain highly resilient. The FinTelegram report underscores the need for global cooperation, more robust monitoring tools, and stricter compliance to track rebranded platforms and their money flows.
RatEx42 pledges ongoing monitoring of Grinex for any connections to ransomware groups, darknet markets, or other blacklisted entities.