Grinex, a cryptocurrency exchange, was recognized as a suspected successor to the sanctioned Russian platform Garantex, allegedly exceeded $ 1.66 billion in Cripto through exchanges, despite the red flag raised by the blockchain analytics firm Global Laser.
Garantex took its infrastructure in March by the US, German and Finnish officials and had allegedly done since then Move your operation to Grinex,
Global laser initially told CoinTelegraph that in the beginning of May, there were about $ 1 billion in fund exposure for Grinux in various cryptocurrency exchanges.
But the movement has not stopped, the Swiss blockchain data expert said. By May 30, the researchers had increased their estimates due to continuous fund flow inside and out of the ginex.
“You can see (zodiac) disastrous (and) it is growing on a daily basis,” said Yuri Serov, head of research in global laser, said it is growing on daily basis. “
Grinex wallet keeps on pushing USDT on tron
According to compliance company Bitras, $ 649 billion in Stabecoin flow Exposed to high -risk addresses In 2024. The firm said that more than 70% of possible illegal stabechoin transactions were carried out through USDT on Tron Network (USDT,
The fund exiting Ginex is also in the tron-based USDT. At the time of writing, Global Laser has calculated $ 2.41 billion in contact with transactions for crypto services and wallets. Of that amount, $ 1.66 billion went out of 180 cryptocurrency exchanges and also known as Virtual Asset Service Providers (VASPS).
“Let’s say that a VASP is sending money and another VASP is receiving them. Travel rules recommendationsThe obtained VASP will have to receive the key details, such as the name of the VASP and other relevant identity information, ”Serov said.
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Global laser refused to name exchanges coming in contact with Ginex transfer, but said some have been informed about its suspected fund flow analysis.
“Some of them, we have received the response saying what we have admitted to them,” Serov said, some of its communication efforts have been unanswered.
Cointelegraph independently approached six of the world’s largest crypto firms, who was working globally to ask whether they were informed, or detected, fund flow from Ginex.
Of the exchanges contacted, only Benance replied, stating that it monitors and blocks both direct and indirect performance for approved individuals and institutions.
The exchange spokesperson said, “While it is not possible to avoid the incoming deposits, we take action against the customers. We also prevent users from sending money to the addresses related to restrictions,” said a spokesman for the exchange.
There were many transactions identified by global laser Direct conversationMeaning any mediated address or obfuscation techniques were used to transfer funds to exchanges exposed from grinex.
Cointelegraph attempted to contact Grinex, but did not receive reaction by publication.
Grinex originates from the shadow of Garantex
In March, the US and European authorities announced a coordinated international operation to disrupt the services of Garantax. As part of the crack, Tithi Fruz $ 27 million in stablecoins Organized on the sanctioned Russian exchange.
US law enforcement Said It confiscated the domain names associated with Garantex, while German and Finnish officials seized the severse hosting the infrastructure of the exchange. US officials also said that they had earlier received server copies with customer and accounting data. In the Crypto transaction from April 2019, Garantax allegedly performed the process of about $ 96 billion.
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After days, India’s Central Bureau of Investigation Arrested Alexse BeckisocovAllegations of operating Garantinex on allegations of US money laundering.
According to the oochen and offchen data analyzed by the global laser, Gentax allegedly revived as Grinux. The company said that Garantex had covered a distance of more than $ 60 million In Grinux in Russian ruble-supported stabelin, it was described as the “full heir” of the exchange.
Global Laser said one of the managers of Ginex claimed that customers had personally visited the Garantax office and actively transferred funds from Gentex to Grenx.
Was approved by Garantax U.S. Treasury In 2022 and by European Union In February 2025.
Grinex shows how platforms avoid cracks
In the early days of blockchain technology, cryptocurrency provided cyber criminals a convenient way to move money due to its decentralized and large -scale irregular nature.
Today, the asset class has matured, attracts increasing interest from institutions and Even nation-stateThis is the innings Quick regulator discussion And operated the development of advanced security equipment to track illegal transactions. Many countries now have Establish special units Dedicated to Crypto.
Despite this progress, significant blind spots remain, and illegal actors keep taking advantage of regulatory arbitration.
For example, some USDT flows from Grinex have been linked to Europe-centered cryptocurrency exchanges. In the European Union, exchanges have started By removing USDT trading couple Crypto-assets (MICA) to follow the block markets in the regulatory structure, which imposes Strict requirements on StableCoin issuer,
“These institutions have licenses in Europe, but they are actively working in countries outside the European Union that have become a major destination for Russian migrants after the war,” Serov said. “Our beliefs are many still legally residing there with documents that allow them to interact with euro-centric vasps.”
While the approved platforms and illegal crypto businesses have recently been closed, security firm CEO Alex Katz warned in the previous interview with the Coinlagraph that such institutions often rebrands and Continue working under new names,
Recently, Exch, a no-no-yor-castomer (no-KYC) Crypto Exchange, Decomposed by German authoritiesWho seized $ 38 million and related infrastructure. However, security monitor Informed Wallets attached to continuous funds have been included, suggesting that the platform can still serve major customers in stealth mode.
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