Global Ledger reveals that closed Russian crypto exchange Garantex has been renamed Grinex
A Swiss blockchain analytics firm has reported extensive data both on and off the blockchain that suggests Grinex is the immediate successor to Garantex.
Cheyenne Ligon | Edited by Nikhilesh De , Mar 24, 2025 15:46 UTC
Basic information:
- Swiss analytics company Global Ledger has discovered that the sanctioned Russian crypto exchange Garantex has already rebranded itself as Grinex.
- Both online and offline data point to clear links between the two exchanges.
Less than two weeks after it was shut down by international law enforcement, Russian cryptocurrency exchange Garantex, popular with extortion groups and sanctions-dodging oligarchs, has reportedly resurfaced under a new name, Grinex.
According to the latest report from Swiss blockchain analytics firm Global Ledger, a wealth of data both on-chain and off-chain suggests that Grinex is a direct successor to Garantex. Some of Garantex’s liquidity, including all of Garantex’s holdings in a ruble stablecoin called A7A5, has already been transferred to wallets controlled by Grinex.
Global Ledger CEO Lex Fisun told CoinDesk that in addition to on-chain data linking Garantex to Grinex, there are numerous off-chain indications that the two exchanges are closely connected. Fisun noted the rapid growth of Grinex, which he said surpassed $40 million in volume in just two weeks, as well as numerous social media connections between the two platforms.
While other major blockchain analytics firms like TRM Labs and Chainalysis have yet to confirm Global Ledger's findings, Chainalysis' head of national security Andrew Fireman told CoinDesk that he has noticed several signs that Grinex is likely a rebranded Garantex.
Fayerman drew attention to a recent comment on Telegram from Sergei Mendeleev, one of the founders of Garantex
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