Rebranding of Garantex to Grinex
In a significant development following the dismantling of Garantex, a prominent Russian cryptocurrency exchange previously linked to illicit activities, it appears that the platform has undergone a rebranding as Grinex. This insight comes from blockchain intelligence firm TRM Labs, which detailed on-chain data revealing the new iteration has begun onboarding former Garantex users.
Background on Garantex
Prior to its closure by international law enforcement in March of this year, Garantex was a dominant player in the crypto space, boasting over $100 billion in transactions. The newly emerged Grinex is reportedly redistributing users’ assets in the form of A7A5, a stablecoin pegged to the Russian ruble, compatible with both the Tron and Ethereum networks. Notably, the conversion of Garantex wallet holdings to A7A5 began in January 2025, with Kyrgyz registries indicating that the firm behind this stablecoin, Old Vector, was established a year prior on December 13, 2024.
Connection Between Garantex and Grinex
TRM Labs posits that this maneuver may have been a deliberate strategy by Garantex to circumvent impending sanctions while enabling users to retrieve their assets potentially at risk during the exchange’s shutdown. Analysis revealed a spike in A7A5 transactions in January, coinciding with the lead-up to the U.S. enforcement actions that ultimately closed Garantex.
The situation raises questions about the effectiveness of sanctions aimed at combatting illicit cryptocurrency operations.
The Launch of Grinex
In a notable sequence of events, Garantex’s Telegram channels began advertising Grinex shortly after the old platform was taken offline. Grinex was officially registered in Kyrgyzstan on December 23, 2024. The individuals involved in forming Grinex and Old Vector remain largely unidentified, with Duulat-eldar Sagynbeki Subankulov linked to the registration of Grinex—per TRM Labs possibly a former esports athlete—and Tatyana Sergeevna Menshikova associated with Old Vector.
Analysis of Operations
Interestingly, the user interface of Grinex closely mirrors that of Garantex, and it has publicly communicated intentions to attract Garantex’s former client base, including hiring personnel from the prior exchange via Telegram posts from the related Satoshkin group.
TRM Labs points out that Grinex utilizes the same on-chain characteristics as Garantex. Transfers from intermediary addresses connected to Garantex were used to fund Grinex accounts, further linking the two entities. Sergey Mendeleev, a co-founder of Garantex, was also noted for being vocal about Grinex’s launch on social media, which raised additional suspicions regarding the continuity of operations between the two exchanges.
Expert Opinions and Concerns
As experts from Chainalysis have started to investigate the connections between Garantex and Grinex, Andrew Fierman, the Head of National Security Intelligence, suggested that Grinex may essentially represent a rebirth of Garantex, highlighting that former Garantex users have reportedly visited the new exchange to transfer their funds.
Conclusion
At its peak, Garantex accounted for a staggering 82 percent of the global cryptocurrency volumes linked to sanctioned entities. Despite being sanctioned by the Office of Foreign Assets Control in April 2022, Garantex maintained 70 percent of such volumes following its penalties.
The emergence of Grinex as a successor of Garantex raises critical concerns regarding the effectiveness of sanctions aimed at combatting illicit cryptocurrency operations, particularly as this rebranding tactic appears increasingly commonplace among sanctioned entities. TRM’s analysis also indicates that two other Russia-affiliated exchanges, ABCEX and Rapira, have been capitalizing on Garantex’s former activity, expanding their operations as Garantex fell.
