Shuttered Russian alternate Garantex has rebranded as Grinex, in accordance with on-chain evaluation from blockchain intelligence agency TRM Labs.
Garantex dealt with over $100 billion in transactions previous to its dismantling by worldwide enforcement businesses in March of this 12 months.
But evaluation from UK-based TRM Labs means that Grinex has been onboarding Garantex customers and redistributing their belongings within the type of A7A5, a ruble-pegged stablecoin out there on Tron and Ethereum.
Garantex pockets addresses started changing funds into the A7A5 stablecoin in January 2025, with Kyrgyz data documenting that the corporate behind the token, Outdated Vector, was registered as just lately as December 13, 2024.
TRM Labs means that the sanctioned alternate was conscious that it was liable to being shut down, and that the creation of A7A5 was a way of evading sanctions and enabling its customers to get well any belongings that might find yourself being misplaced within the occasion of a takedown.
On-chain evaluation reveals that giant volumes of transfers involving A7A5 have been made in January, within the weeks main as much as the U.S.-led enforcement motion that dismantled Garantex.
Tellingly, TRM additionally cites how Garantex’s Telegram channels started selling Grinex solely a matter of days after it was taken down, with the brand new alternate registered in Kyrgyzstan on December 23, 2024.
The people concerned within the registration of Grinex and A7A5 are obvious unknowns, with no evident or formal hyperlink to Garantex.
Grinex seems to have been registered by Duulat-eldar Sagynbeki Subankulov, who TRM Labs suggests could also be a former skilled gamer.
In the meantime, Outdated Vector was registered by Tatyana Sergeevna Menshikova, who stays a whole unknown.
But for TRM Labs, the obscurity of those two people provides “one other layer of ambiguity to Grinex’s origins.”
One factor that’s recognized is Grinex’s consumer interface bears a “putting resemblance to Garantex,” whereas the platform has truly introduced an settlement with sanctioned alternate to onboard its former prospects and even rent its staff, doing so on the Telegram channel of the Garantex-linked Satoshkin group.
Elaborating on the hyperlinks between the 2 platforms, TRM Labs advised Decrypt that “Garantex has a novel on-chain fingerprint and Grinex makes use of this identical fingerprint.”
Of explicit significance is the truth that middleman addresses, which “are related to the switch of funds out of Garantex,” have been used to deposit funds (largely in A7A) into Grinex consumer addresses.
On prime of this, TRM Labs additionally advised Decrypt that Garantex co-founder Sergey Mendeleev was “distinguished within the announcement of Grinex’s launch,” which was posted on Telegram.
And it’s not solely TRM Labs that believes Grinex is successfully Garantex 2.0, with Chainalysis additionally leaning on this route.
“At Chainalysis, we’ve been monitoring the alleged hyperlinks between Grinex and Garantex, and whereas we’re not able to make a proper attribution simply but, now we have seen indicators that Grinex is more likely to be the rebrand of Garantex,” mentioned Head of Nationwide Safety Intelligence Andrew Fierman, chatting with Decrypt.
Fierman explains that Chainalysis has obtained “a number of stories” of former Garantex customers visiting the alternate’s places of work, the place they have been capable of switch their funds on to Grinex.
“There’s additionally been a Telegram put up from a Garantex co-founder [Sergei Mendeleev] speaking [about] the launch of Grinex, disregarding any platform similarities with laughing emojis,” he added.
At its peak, Garantex accounted for 82% of all crypto-currency volumes related to sanctioned entities internationally, whereas even after it was sanctioned by OFAC in April 2022 it managed to deal with 70% of such volumes.
And for Fierman, its obvious rebirth as Grinex raises severe questions on whether or not sanctions and shutdowns can ever be 100% efficient in stamping out illicit cryptocurrency exercise.
“The broader problem right here is that rebranding has develop into a well-recognized tactic for sanctioned crypto entities; a difficulty we will probably be monitoring intently,” he mentioned.
This problem can be underlined by different evaluation from TRM Labs, which finds that two different Russia-linked exchanges (along with Grinex) have been capturing Garantex’s former volumes in latest months.
Considered one of these is ABCEX, which is tied to Sergey Mendeleev and was Garantex’s third-largest on-chain counterparty, whereas the opposite is “high-risk alternate” Rapira.
Each of those platforms witnessed a surge in quantity in March, when Garantex was taken down, and whereas ABCEX noticed a dropoff in April, Rapira has continued to develop.
Edited by Stacy Elliott.
