Blockchain intelligence firm TRM Labs has identified strong connections between a new cryptocurrency exchange called Grinex and the sanctioned Russian exchange Garantex, whose domains were seized by U.S. authorities in March 2025.
## Garantex’s Troubled History
Garantex, officially registered in Estonia but operating from Russia, faced sanctions from the U.S. Office of Foreign Assets Control (OFAC) in April 2022, with the UK and EU following suit. U.S. authorities seized Garantex’s domains earlier this year after discovering the platform had processed approximately $100 billion in illicit transactions, facilitating money laundering for ransomware groups and darknet markets.
TRM Labs confirmed Garantex’s transactions with the Conti ransomware group and several dark web marketplaces including Hydra, Mega, Kraken, OMG!OMG!, and Solaris. Following the seizure, two administrators—Aleksej Besciokov and Aleksandr Mira Serda—were charged with violations, with Besciokov being arrested while vacationing in India.
## Grinex Emerges as Apparent Successor
Shortly after Garantex’s shutdown, Grinex appeared and was promoted through Telegram channels connected to the Garantex-adjacent Satoshkin group as “a new platform with familiar functionality.” Beyond interface similarities, Grinex immediately positioned itself to absorb Garantex’s operations by:
– Announcing an agreement to onboard former Garantex clients
– Considering hiring former Garantex employees
– Distributing former Garantex user assets through a new token called A7A5
## The A7A5 Token Connection
Two weeks before Garantex’s takedown, a new stablecoin called A7A5—pegged 1:1 to the Russian ruble—was introduced on Garantex, likely in anticipation of impending legal action. TRM Labs identified two Kyrgyzstan-based firms behind large A7A5 transactions, though the exact relationships remain unclear.
After Garantex’s shutdown, Telegram channels previously linked to the exchange began promoting Grinex as a way for users to recover frozen funds through the A7A5 token.
## Adapting to Enforcement Actions
The rapid emergence of Grinex demonstrates the challenges in blocking cybercrime and sanctions evasion, as illicit networks quickly adapt through rebranding, creating new stablecoins, and leveraging decentralized platforms. TRM Labs also noted two other platforms emerging as Garantex replacements: ABCEX, directly related to Garantex founder Sergey Mendeleev, and Rapira, which has already welcomed numerous former Garantex users.
*Note: TRM Labs’ report is based on information originally published by Global Ledger during the Virtual Asset Summit on March 27, 2025.*