In response to an on-chain evaluation by blockchain intelligence firm TRM Labs, the Russian substitute Garantex with shutters has been rebranded as Grinex.
Garantex processed greater than $100 billion in transactions earlier than it was demolished by worldwide executives in March this 12 months.
Nonetheless, evaluation from the UK-based TRM Lab means that Grinex is redistributing property within the type of A7A5, a Stablecoin of Ruble pages that can be utilized on Tron and Ethereum.
Garantex pockets addresses started changing funds to A7A5 Stablecoin in January 2025. Kyrgyz’s data present that the corporate behind the previous Vector behind the token was registered on December 13, 2024.
TRM Labs acknowledges that approved exchanges are prone to being closed, suggesting that the creation of the A7A5 will keep away from sanctions and permit customers to get better property that may very well be misplaced within the occasion of a takedown.
Chain evaluation revealed {that a} huge switch involving the A7A5 passed off in January, within the weeks main as much as US-led enforcement motion that dismantled Garantex.
Evidently, TRM cites how Garantex’s telegram channel started to advertise Grinex. It’s marketed only a few days after Grinex was eliminated as a brand new trade was registered on Kyrgyzstan on December 23, 2024.
The people concerned in registering Grinex and A7A5 are clearly unknown, and there’s no apparent or formal hyperlink to Garantex.
It seems that Grinex was registered by Duulat-Eldar Sagynbeki Subankulov.
However, the previous vectors have been registered by the fully unknown Tatyana Sergeevna Menshikova.
Nonetheless, within the case of the TRM Lab, the paradox of those two people provides “one other layer of ambiguity to the origin of Grinex.”
One factor identified is that the Grinex person interface has a “spectacular similarity to Garantex”. In the meantime, the platform has really introduced an settlement with a licensed trade to mount earlier clients and rent workers.
TRM Lab mentioned it’s detailing the hyperlink between the 2 platforms Decryption “Garantex has a singular on-chain fingerprint, and Grinex makes use of this similar fingerprint.”
Of specific significance is the truth that the intermediate deal with “associated to the switch of funds from Garantex” was used to deposit funds (primarily A7A) into the Grinex consumer deal with.
Along with this, TRM Labs additionally spoke about it. Decryption Garantex co-founder Sergey Mendeleev was “well-known in Grinex’s announcement” posted on Telegram.
And it isn’t simply TRM Labs that believes Grinex is successfully Garantex 2.0, however chain dialysis can also be tilting on this course.
“The chain evaluation has been monitoring suspect hyperlinks between Grinex and Garantex, and whereas we’re not but able to make formal attribution, we now have seen indicators that Grinex is probably going a Garantex model.” Decryption.
Fierman explains that Chainalysis obtained “a number of stories” of former Garantex customers who visited Trade’s Workplace, the place they have been in a position to switch funds on to Grinex.
“There was additionally a telegram put up from Garantex co-founder (Sergei Mendeleev) speaking concerning the launch of Grinex and honing the platform’s similarities with laughter emojis,” he added.
At its peak, Garantex accounted for 82% of all cryptocurrency volumes related to internationally-authorized entities, however was in a position to course of 70% of such volumes even after it was authorised by OFAC in April 2022.
And for Fearman, its apparent rebirth is as Grinex raises critical questions on whether or not sanctions and shutdowns are 100% efficient at halting unlawful cryptocurrency actions.
“The broader situation right here is that rebranding has develop into a well-known tactic for approved crypto entities. This is a matter we’re carefully monitoring,” he mentioned.
This situation has additionally been highlighted by different TRM Labs analyses. TRMLabs has discovered that two different Russian-related exchanges (along with Grinex) have acquired earlier volumes of Garantex in latest months.
Considered one of these is abcex, tied to Sergey Mendelov, is Galantex’s third largest on-chain counterparty, and the opposite is the “threat trade” Lapira.
Each of those platforms witnessed a surge in volumes in March when Garantex was eliminated, and Rapira continued to develop whereas Abcex fell in April.
Edited by Stacy Elliott.
