Sanctioned crypto exchange Garantex, which had $27 million in Tether frozen, has reportedly relaunched under the new name Grinex. Global Ledger, a Swiss blockchain analytics firm, claims that the operators of Garantex transferred over $60 million in ruble-backed stablecoins to this newly established platform. Their investigation revealed systematic transfers and the use of one-time wallets linking Garantex to Grinex, indicating that the two exchanges are directly connected. Moreover, it was reported that customers have been visiting the Garantex office to shift funds to Grinex. Despite its official shutdown, Grinex's operations suggest it functions as a successor to Garantex, continuing its financial dealings. By mid-March, Grinex had already received nearly $30 million in incoming transactions. This move comes after the US Department of the Treasury imposed sanctions on Garantex for alleged money laundering violations, resulting in the arrest of its operator in India shortly thereafter.

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