Grinex: The Crypto Exchange Rising from Garantex’s Ashes or a Rinse-and-Repeat Scam?
Grinex, a new cryptocurrency exchange, is suspected to be a rebrand of Garantex, whose domains were seized by U.S. authorities. Despite its comedic attempt at a ‘fresh start,’ Grinex retains strong ties to the shuttered Russian platform, raising eyebrows and questions about its role in potentially illicit transactions.
Hot Take:
Oh, Grinex, you sly fox! Just when we thought we’d seen the last of the Garantex gang, you come waltzing in with a new name and the same old antics. It’s like watching a soap opera where the villain just can’t seem to stay dead. Will the authorities ever manage to truly unplug this digital hydra, or will it keep popping back with a new haircut and a slightly altered name? Stay tuned for the next episode of “As the Blockchain Turns.”
Key Points:
- Grinex is suspected to be a rebrand of Garantex, a Russian crypto exchange previously sanctioned and shut down by U.S. authorities.
- Garantex was infamous for processing $100 billion in illicit transactions, including facilitating ransomware and darknet activities.
- Grinex has similar features to Garantex and has made moves to capture its user base and staff.
- A new stablecoin, A7A5, has been launched, pegged to the Russian ruble, to distribute former user assets.
- Blocking such cybercrime and sanction evasion remains a complex task as illicit networks adapt and rebrand swiftly.