Despite the crackdown, Global Ledger researchers have identified on-chain movements linking the two exchanges, including the transfer of Garantex’s holdings in a ruble-backed stablecoin, A7A5, to wallets controlled by Grinex. Off-chain clues further support the connection, such as the sudden surge in trading volume—Grinex reportedly handled over $40 million in transactions within two weeks of its launch.
According to Lex Fisun, CEO of Global Ledger, social media activity also suggests a direct relationship between the platforms.
In a Telegram post, Sergey Mendeleev, a known figure associated with Garantex, downplayed the similarities between the two exchanges while making light of the situation. Meanwhile, reports indicate that former Garantex users have been transferring funds at the exchange’s physical offices in Europe and the Middle East, strengthening claims that Grinex is simply a rebranded version of the defunct platform.
While leading blockchain analytics firms such as Chainalysis and TRM Labs have yet to verify these findings, Andrew Fierman, Head of National Security Intelligence at Chainalysis, acknowledged that early indicators point to a connection between Garantex and Grinex.
However, a full assessment of Grinex’s infrastructure is still underway.
If Grinex is indeed a rebranded Garantex, it would not be the first time a sanctioned exchange has attempted to evade regulatory scrutiny through rebranding. Similar cases have been observed in the past—BTC-E, a Russian exchange taken down by U.S. authorities in 2017, later reemerged as WEX, only to collapse due to internal conflicts. Likewise, Suex, another Russian exchange sanctioned for facilitating illicit transactions, resurfaced as Chatex before facing renewed enforcement actions.
The reappearance of Garantex in another form underscores the persistent difficulties regulators face in enforcing financial sanctions. Despite the seizure of its servers and domain, the exchange’s infrastructure appears to have been quickly reestablished under a new identity. Experts warn that non-compliant exchanges operating in high-risk regions will continue to find ways to circumvent restrictions.
Before its takedown, Garantex had been identified as a hub for money laundering and illicit financial transactions.
The U.S. Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the exchange in 2022, citing its involvement in facilitating payments for ransomware groups such as Black Basta and Conti, as well as its ties to darknet marketplaces like Hydra.
Court documents also revealed that Garantex provided financial services to North Korea’s Lazarus Group, a state-backed hacking organization responsible for some of the largest cryptocurrency heists in history, including the $1.4 billion Bybit hack.
Additionally, Russian oligarchs reportedly used the platform to bypass economic sanctions imposed after Russia’s invasion of Ukraine.
Two individuals linked to Garantex’s operations, Lithuanian national and Russian resident Aleksej Besciokov and Russian citizen Aleksandr Mira Serda, have been charged with conspiracy to commit money laundering. Besciokov was arrested in India earlier this month while on vacation with his family and is expected to be extradited to the U.S. to face trial.
While authorities work to contain illicit financial activity in the crypto space, the rapid emergence of Grinex serves as a reminder of how easily such operations can adapt and reappear under new identities. Analysts warn that other high-risk exchanges in Russia, such as ABCEX and Keine-Exchange, are poised to take advantage of regulatory loopholes and fill the void left by Garantex’s shutdown.
