So, apparently, Garantex, the crypto exchange that was supposed to be dead and buried, has pulled a Lazarus and is back under a new name. 🧟♂️ According to some Swiss blockchain sleuths, they’ve been busy laundering millions in ruble-backed stablecoins and sending them to a shiny new exchange called Grinex. Because, of course, why not? 🤷♀️
Global Ledger, the Sherlock Holmes of blockchain, claims that Grinex is the “full-fledged successor” to Garantex. They dropped this bombshell on X (formerly Twitter, for those still catching up) on March 19. 🕵️♂️
“We can confidently state that Grinex and Garantex are directly connected both onchain and offchain.”
Translation: They’re basically the same thing, just with a new coat of paint. 🎨 The report goes on to say that the movement of funds, including the use of one-time-use wallets and addresses previously associated with Garantex, is the smoking gun. 🔫
After wrapping up their investigation on March 13, Global Ledger found that Garantex had laundered over $60 million worth of ruble-backed stablecoins (A7A5, because why not make it sound like a robot’s name?) and sent them to Grinex. 🤖💰
“In this case, the burning and subsequent minting process was used to launder funds from Garantex, allowing new coins to be minted from a system address with a clean history,” the team said. So, basically, they’re laundering money like it’s a load of dirty socks. 🧦💸
A Garantex manager reportedly told Global Ledger that customers have been visiting the exchange office in person to move funds from Garantex to Grinex. Because nothing says “legit” like a good old-fashioned in-person money shuffle. 🏃♂️💨
“Additionally, offchain indicators, such as transactional patterns, commentaries and exchange behaviors, further reinforce this connection,” the report said. So, it’s not just the blockchain—it’s the vibes, too. 🌈✨
The report also points to a description of Grinex on the Russian crypto tracking site CoinMarketRating, which claims that the owners of Garantex created it. So, Grinex isn’t some independent upstart—it’s Garantex’s evil twin. 👯♂️
By March 14, the volume of incoming transactions on Grinex was nearly $30 million, according to Global Ledger. CoinMarketRating shows that the trade volume for the month is now over $68 million, with spot trading topping $2 million. So, business is booming. 💥📈
The US Department of the Treasury’s Office of Foreign Assets Control first hit Garantex with sanctions in April 2022 for allegedly money laundering violations. But, like a bad penny, they keep turning up. 🪙
On March 6, the US Department of Justice collaborated with authorities in Germany and Finland to freeze domains associated with Garantex, which they claim processed over $96 billion worth of criminal proceeds since launching in 2019. That’s a lot of dirty money. 🤑💩
Stablecoin operator Tether also froze $27 million in Tether (USDT) on March 6, which forced Garantex to halt all operations, including withdrawals. So, no more cash-outs for you, shady crypto bros. 🚫💳
Only a few days later, on March 12, officials with India’s Central Bureau of Investigation arrested Aleksej Bešciokov, who allegedly operated Garantex, on US charges that included conspiracy to commit money laundering. 🚨👮♂️
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2025-03-20 06:18