High-Risk Platforms Are Copying Sanctioned Russian Exchange Garantex

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Ah, Garantex. A sanctioned Russian crypto exchange that might just become the role model for all those naughty businesses out there! The latest report, delivered with a side of exclusivity from TRM Labs, unveils an intriguing link between ABCex and AEXbit – which, of course, could be nothing more than a fresh new face to dodge the long arm of the law.

Yes, folks, TRM Labs graciously shared this report with BeInCrypto, along with some scintillating insights from Ari Redbord, their Global Head of Policy and Government Affairs. In essence, the lab suspects that AEXbit and Garantex are more than just distant cousins, but alas, they don’t have the smoking gun just yet. How charming!

Is Garantex Teaching the Exchange World New Tricks?

TRM Labs, ever the diligent investigators of the crypto scam cycle in 2025, has unearthed a rather alarming trend. It seems that Garantex, the high-risk crypto exchange, has been playing teacher to some other not-so-legal crypto platforms. What have they been learning, you ask? How to evade sanctions like a pro, of course!

“Garantex’s takedown was a landmark enforcement action, but it also shows us something important – illicit actors don’t just disappear, they adapt. What we’re seeing now is the playbook being reused: rebrands, cloned interfaces, and jurisdictional arbitrage,” said Redbord, sharing his pearls of wisdom with BeInCrypto.

But what does that actually mean? Well, despite Garantex retreating into the shadows after the US sanctions and some good old-fashioned arrests, the exchange managed to reemerge under a new name, Grinex. And guess what? Grinex shared a whole lot of digital goodies with its predecessor, Garantex. Fancy that!

What followed were more speculations: Was Grinex just a money-laundering operation in disguise? With transactions using A7A5 – a ruble-backed stablecoin from Kyrgyzstan – these connections started to feel less coincidental. TRM Labs, however, isn’t ready to say these new shady exchanges are in bed with Garantex, but let’s just say they’re using a *similar* playbook.

Tactics Spread Like Wildfire Among Illicit Actors

So, what’s next? TRM Labs began tracking ABCex, which was recently shuttered, and AEXbit, which, surprise surprise, seems like a rebrand of the former. This little exchange hopped back online with a user interface so identical to its predecessor, it could’ve been a family reunion. How cozy!

TRM Labs suspects that AEXbit came to life to sidestep any legal repercussions – just like Garantex did with its Grinex reincarnation.

ABCex, for its part, allegedly dabbled in some less-than-savory activities like illicit gambling and terror funding (nothing too shocking), and TRM Labs uncovered some lovely co-spending with the oh-so-“clean” AEXbit. Oh, and there are also whispers of tangential connections to Garantex – but we won’t get into that just yet.

In conclusion: does it really matter if AEXbit is directly linked to Garantex? Well, not really. What’s important is that these sneaky tactics are spreading like wildfire among the illicit crowd. And that’s what should keep cybersecurity experts up at night, because, let’s face it, criminals seem to be swapping notes more efficiently than law enforcement.

To close, Redbord made a rather grim observation that echoed the thoughts of many:

“For law enforcement and compliance teams, this underscores the need to monitor behavior and infrastructure, not just names,” Redbord concluded, undoubtedly shaking his head at the situation.

If we, the crypto community, want to prevent money laundering and fight crime, we might need to start learning from these sneaky tactics ourselves. Funny how that works.

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2025-09-04 01:32