Novel Grinex Platform Allegedly Linked to Sanctioned Garantex Crypto Exchange

• A cryptocurrency exchange that recently surfaced is suspected to be a rebrand of the recently defunct Garantex.
• Grinex exhibits strong operational similarity with Garantex, using Telegram channels linked to the former Russian exchange.
• Garantex was sanctioned and its domains seized by U.S. authorities in March 2025.

New crypto exchange Grinex is believed to be a rebranded version of Garantex. This controversial Russian firm was dismantled following charges of facilitating illicit transactions, money laundering, and connections to ransomware groups like Conti and darknet markets like Hydra. 

According to findings by blockchain intelligence firm TRM Labs, Grinex exhibits strong operational similarity with Garantex, stirring concerns about its motives. 

The exchange immediately leveraged Telegram channels linked to Garantex to capture the previous platform’s user base and introduced former Garantex user assets via a new stablecoin, A7A5, pegged to the Russian ruble.

Grinex’s user interface mirrors that of Garantex, and there are reports of the platform onboarding Garantex clients and allegedly hiring its former employees. These suspicious overlaps point to Grinex strategically positioning itself as a successor to the disgraced crypto firm.

The A7A5 token has been identified as a key piece in the Grinex puzzle. The token, introduced weeks before Garantex's takedown, became a vehicle to distribute assets frozen during the crackdown. 

TRM Labs uncovered that large-scale transactions involving A7A5 were linked to Kyrgyzstan-based companies, further complicating the web of connections.

Despite enforcement efforts, strategies like rebranding, leveraging stablecoins, and exploiting decentralized platforms have emerged as methods to circumvent sanctions and continue operations.

The report also mentions two other cryptocurrency exchange platforms, ABCEX and Rapira, which similarly cater to former Garantex users. This underscores the broader challenge authorities face in dismantling financial operations tied to cybercrime and sanctions violations.