Garantex, a sanctioned Russian crypto exchange, is reportedly back as Grinex after allegedly laundering over $60 million in ruble-backed stablecoins. Following the freezing of $27 million in Tether and the arrest of its operator in India, Garantex has transferred its operations to Grinex, which is described as a full-fledged successor. A report by Swiss blockchain analytics firm Global Ledger reveals that funds were systematically transferred to the new exchange using one-time wallets and previously linked addresses. By March 14, Grinex saw nearly $30 million in incoming transactions, while total trading volume climbed to over $68 million. This transition comes after Garantex halted operations due to sanctions imposed by the US Treasury, which accused it of facilitating extensive money laundering activities since its inception in 2019. Garantex’s past activities raised significant regulatory concerns, prompting authorities in multiple countries to take action against its operations. Offchain indicators, along with transactional patterns, further corroborate the connection between Garantex and Grinex, suggesting the latter continues its predecessor's financial activities despite an official shutdown.

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