Garantex Sanctions Evasion: Unfrozen Crypto Assets & New Grinex Exchange Operations

Despite stringent financial sanctions aimed at isolating high-risk entities, a recent investigation by Global Ledger has uncovered substantial cryptocurrency activity linked to the sanctioned Garantex exchange. This report highlights persistent challenges in fully enforcing digital asset freezes, as funds continued to move even after initial blockades, illustrating the complexities of tracking digital capital across blockchain networks.

Sanctions Evasion and New Ventures

Garantex formally ceased operations on March 6, 2025, after Tether, the USDT issuer, froze approximately $28 million (2.5 billion rubles) in stablecoin assets on its accounts. However, Global Ledger’s comprehensive analysis revealed unfrozen Garantex wallets with over $15 million in various crypto assets, demonstrating continued capital movement despite the initial freeze.

Further investigation revealed that the team behind Garantex launched a new entity, the Grinex exchange, effectively continuing their operations under a new brand to potentially bypass restrictions.

Undisclosed Asset Holdings and Suspicious Transfers

The probe identified that Garantex’s asset base extended beyond USDT, including Bitcoin (BTC), ERC20 and BEP20 tokens, and a new ruble-denominated stablecoin, A7A5. This diversification complicated asset tracking.

Crypto Asset Flows

Significant activity was noted in Garantex’s Ethereum wallet, which held 3265 ETH (approximately $8.6 million) by March 6. This wallet became active post-March 22, with 844.99 ETH withdrawn between March 22 and June 4, 2025. These funds were subsequently laundered via the crypto mixer Tornado Cash. As of June 4, 2334.25 ETH remained in the wallet.

Garantex also controls 30.04 BTC. On May 8, 2.2 BTC were transferred to the TRON network and settled in accounts associated with the newly launched Grinex exchange. Additionally, Garantex holds approximately $4 million in crypto assets within the BNB Chain ecosystem.