{"id":9988,"date":"2025-03-20T08:22:39","date_gmt":"2025-03-20T07:22:39","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=9988"},"modified":"2025-03-20T08:22:39","modified_gmt":"2025-03-20T07:22:39","slug":"garantex-crypto-exchange-moves-millions-in-funds-amid-platform-relaunch","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/03\/20\/garantex-crypto-exchange-moves-millions-in-funds-amid-platform-relaunch\/","title":{"rendered":"Garantex Crypto Exchange Moves Millions in Funds Amid Platform Relaunch"},"content":{"rendered":"

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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.<\/p>\n

Global Ledger has asserted that the administrators of the Russian exchange have relocated liquidity and customer funds<\/a> to Grinex, which they describe as \u201cGarantex\u2019s complete successor,\u201d in a report published<\/a> to X on March 19.<\/p>\n

\u201cWe can assert with certainty that Grinex and Garantex have direct connections both onchain and offchain.\u201d<\/p><\/blockquote>\n

\u201cThe 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,\u201d the Global Ledger team remarked<\/a> in the report.<\/p>\n

After finishing its inquiry on March 13, Global Ledger stated it had discovered onchain data indicating<\/a> that Garantex laundered over $60 million in value of ruble-backed stablecoins<\/a> known as A7A5 and directed them to addresses affiliated with Grinex.<\/p>\n

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Global Ledger asserts that Garantex has transferred all its assets to a recently established exchange and is operational again. Source: <\/em>Global Ledger<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

\u201cIn 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,\u201d the team stated.<\/p>\n

A manager from Garantex also reportedly informed Global Ledger that customers have been arriving at the exchange\u2019s office in person and relocating funds from Garantex to Grinex.<\/p>\n

\u201cMoreover, offchain indicators, such as transaction patterns, discussions, and exchange behaviors, further validate this connection,\u201d it mentioned.<\/p>\n

The report additionally highlights an explanation of Grinex on the Russian cryptocurrency tracking platform CoinMarketRating, stating<\/a> that the creators of Garantex established it. The reports suggest this implies \u201cGrinex is not a separate entity but rather a complete successor to Garantex, maintaining its financial activities despite the exchange\u2019s formal closure.\u201d<\/p>\n

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Source: <\/em>Global Ledger<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

As of March 14, the influx of transactions to Grinex approached $30 million, according to Global Ledger. CoinMarketRating indicates<\/a> that the trading volume for the month has surpassed $68 million, with spot trading exceeding $2 million.<\/p>\n

The US Department of the Treasury\u2019s Office of Foreign Assets Control first sanctioned Garantex in April 2022<\/a> for purported money laundering infractions.<\/p>\n

Related: <\/strong><\/em>US, UK, Australia sanction Zservers for hosting crypto ransomware LockBit<\/strong><\/em><\/a><\/p>\n

On March 6, the US Department of Justice partnered<\/a> 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.<\/p>\n

Stablecoin provider Tether also froze $27 million<\/a> in Tether (USDT<\/a>) on March 6, which coerced Garantex to cease all operations, including withdrawals.<\/p>\n

Just a few days later, on March 12, officials from India\u2019s Central Bureau of Investigation apprehended Aleksej Be\u0161ciokov, who reportedly ran Garantex<\/a>, on US charges including conspiracy to commit money laundering.<\/p>\n

Magazine: <\/strong><\/em>How crypto regulations are evolving around the globe in 2025<\/strong><\/em><\/a><\/p>\n