Grinex, the suspected rebrand and successor to the sanctioned Russian platform Garantex, reportedly moved over $1.2 billion in USDT through crypto exchanges.
Grinex’s massive transactions occurred despite being the suspected successor of the sanctioned Russian platform Garantex, blockchain analytics firm Global Ledger reports.
Garantex Reportedly Rebrands as Grinex
Alarm bells have been raised after Grinex, the rebrand of Garantex, reportedly moved over $1.2 billion in USDT through crypto exchanges. According to blockchain analytics firm Global Ledger, Grinex’s incoming and outgoing transaction volumes have exceeded $1.2 billion in USDT within weeks of its launch.
Following a global law enforcement effort in March 2025, the notorious Russian exchange platform Garantex was dismantled. Garantex was one of the most prolific platforms on which illicit cryptocurrency operations took place. Global Ledger that Grinex emerged as Garatex’s likely replacement after the crackdown.
The Fall of Garantex
On March 6, 2025, a large-scale global law enforcement seized Garantex’s primary domain. The Russian exchange has a long history of alleged involvement in illicit crypto transactions, leading to sanctions by the US Office of Foreign Assets Control (OFAC) in April 2022. In February 2025, the UK followed suit, sanctioning Garantex and six associated crypto addresses.
According to Global Ledger’s findings, Garantex continued its involvement in illicit operations.
“Since its designation by OFAC on April 5, 2022, Garantex has been responsible for over USD 100 billion worth of transfers, accounting for over 70% of volume to and from sanctioned entities and jurisdictions during that time. The exchange has continued to facilitate hundreds of millions of dollars in illicit transactions for criminal actors, sanctioned entities, and individuals.”
Garantex was most recently associated with eight crypto wallets linked with Houthi military operations.
Grinex’s Operations
An investigation by Global Ledger reveals that significant funds have moved between Grinex and numerous licensed exchanges. Many of these licensed exchanges enforce AML and KYC standards, raising concerns about compliance risks. In its publishing, Global Ledger detailed:
“As of May 23, inbound and outbound USDT (Tron) transactions have surpassed $1.2 billion each. These aren’t speculative wallet movements or isolated whale trades. The volume represents a complex web of high-frequency inflows and outflows, much of it tied to major exchanges that are supposed to “flag” this kind of activity.”
Correction: Research and findings are attributed to an investigation conducted by Global Ledger. Find the report here.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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