A brand new cryptocurrency change named Grinex is believed to be a rebrand of Garantex, a Russian cryptocurrency change whose domains have been seized by the U.S. authorities and an admin arrested.
In response to a brand new report by blockchain intelligence agency TRM Labs, Grinex exhibits robust ties to Garantex’s earlier operations however has not decided if it is presently getting used for illicit transactions.
Garantex was a Russian cryptocurrency change, formally registered in Estonia, that was sanctioned by the U.S. (OFAC) in April 2022, adopted by comparable actions by the UK and the EU.
U.S. authorities seized Garantex’s domains in early March 2025 for a number of violations, together with the processing of $100 billion price of illicit transactions and facilitating cash laundering for ransomware gangs and darknet markets.
TRM Labs confirmed transactions with the Conti ransomware group and the darkish internet markets Hydra, Mega, Kraken, OMG!OMG! And Solaris.
Two directors of Garantex, Aleksej Besciokov and Aleksandr Mira Serda, have been subsequently charged, with Besciokov arrested just a few days later whereas vacationing in India.
Grinex’s sudden rise
Quickly after the seizure, Grinex was promoted on Telegram channels linked to the Garantex-adjacent Satoshkin group, stating it was a “a brand new platform with acquainted performance.”
The person interface similarities between the 2 platforms have been in depth, however extra notably, Grinex was ready to make preparations to seize Garantex’s workers and person base from its very launch.
“Grinex introduced it had entered into an settlement with Garantex to onboard its purchasers and was contemplating hiring former Garantex workers,” explains TRM Labs.
“Much more revealing, Grinex started distributing former Garantex person property via a brand new token, A7A5.”
Two weeks previous to Garantex’s takedown, a brand new stablecoin known as A7A5, pegged 1:1 to the Russian ruble, was introduced on the platform, seemingly as a measure of the anticipated upcoming authorized motion.
TRM Labs discovered two Kyrgyzstan-based companies to be behind giant transactions involving the A7A5 token, however the connections are obscure.
What is evident is that after the Garantex takedown, Grinex began distributing former Garantex person property via the A7A5 token, with Telegram channels beforehand linked to Garantex selling Grinex as a approach for customers to get well their frozen funds.
A7A5 transactions diagram
Supply: TRM Labs
Finally, the rise of Grinex exhibits that blocking cybercrime and sanctions evasion mechanisms is an advanced course of, as illicit networks can rapidly adapt by rebranding, creating new stablecoins, and exploiting decentralized platforms to proceed their operations unabated.
TRM Labs mentions two different platforms that emerged as a Garantex alternative, specifically ABCEX, which is immediately associated to Garantex founder Sergey Mendeleev, and Rapira, which has welcomed a number of former Garantex customers already.
