Shuttered Russian Crypto Exchange Garantex Rebrands to Grinex
Garantex, a Russian crypto exchange known for its ties to ransomware and sanctioned individuals, has reportedly rebranded as Grinex shortly after being dismantled by international law enforcement.
Key points include:
- Global Ledger's report suggests Grinex is directly linked to Garantex, with liquidity transfers already noted.
- Grinex achieved over $40 million in trading volume within two weeks of launching.
- Connections between the two exchanges are supported by social media activity and similar user interfaces.
- Chainalysis has observed indicators that Grinex may be a continuation of Garantex but awaits further analysis.
- Past instances of sanctioned exchanges rebranding include BTC-E becoming WEX and Suex rebranding as Chatex.
The situation highlights ongoing challenges with sanctions enforcement, especially against crypto exchanges that can adapt swiftly to avoid detection. Experts note the potential for other non-compliant exchanges to fill the gap left by Garantex, with names like ABCEX and Keine-Exchange emerging as contenders.
Authorities previously sanctioned Garantex for facilitating money laundering for ransomware operations and other illicit activities, including connections to North Korea's Lazarus Group. Recent arrests have been made related to Garantex's operations.