The closed cryptocurrency exchange Garantex has reportedly reemerged under a different name following claims of laundering millions in ruble-backed stablecoins and moving them to a newly launched exchange, according to a Swiss blockchain analytics firm.
Global Ledger has asserted that the administrators of the Russian exchange have relocated liquidity and customer funds to Grinex, which they describe as “Garantex’s complete successor,” in a report published to X on March 19.
“We can assert with certainty that Grinex and Garantex have direct connections both onchain and offchain.”
“The flow of funds, including the consistent transfer of A7A5 liquidity, the usage of single-use wallets, and the participation of addresses previously linked to Garantex, offers undeniable onchain evidence of their association,” the Global Ledger team remarked in the report.
After finishing its inquiry on March 13, Global Ledger stated it had discovered onchain data indicating that Garantex laundered over $60 million in value of ruble-backed stablecoins known as A7A5 and directed them to addresses affiliated with Grinex.
Global Ledger asserts that Garantex has transferred all its assets to a recently established exchange and is operational again. Source: Global Ledger
“In this instance, the process of burning and subsequent minting was utilized to launder funds from Garantex, enabling new coins to be minted from a system address with a clean background,” the team stated.
A manager from Garantex also reportedly informed Global Ledger that customers have been arriving at the exchange’s office in person and relocating funds from Garantex to Grinex.
“Moreover, offchain indicators, such as transaction patterns, discussions, and exchange behaviors, further validate this connection,” it mentioned.
The report additionally highlights an explanation of Grinex on the Russian cryptocurrency tracking platform CoinMarketRating, stating that the creators of Garantex established it. The reports suggest this implies “Grinex is not a separate entity but rather a complete successor to Garantex, maintaining its financial activities despite the exchange’s formal closure.”
Source: Global Ledger
As of March 14, the influx of transactions to Grinex approached $30 million, according to Global Ledger. CoinMarketRating indicates that the trading volume for the month has surpassed $68 million, with spot trading exceeding $2 million.
The US Department of the Treasury’s Office of Foreign Assets Control first sanctioned Garantex in April 2022 for purported money laundering infractions.
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On March 6, the US Department of Justice partnered with authorities in Germany and Finland to freeze domains linked to Garantex, which they allege processed over $96 billion in criminal proceeds since its inception in 2019.
Stablecoin provider Tether also froze $27 million in Tether (USDT) on March 6, which coerced Garantex to cease all operations, including withdrawals.
Just a few days later, on March 12, officials from India’s Central Bureau of Investigation apprehended Aleksej Bešciokov, who reportedly ran Garantex, on US charges including conspiracy to commit money laundering.
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