Garantex Resurfaces as Grinex: Sanctions Evasion?
Garantex Resurfaces as Grinex: Sanctions Evasion?
A recent report by Global Ledger reveals that Garantex, a Russian cryptocurrency exchange, may have re-emerged under the new name Grinex, just one week after its shutdown by US and EU authorities. This alleged resurgence raises serious concerns regarding the effectiveness of international sanctions against Russia.
Key findings from the Global Ledger report include:
- Grinex, a seemingly new exchange, has already processed $36 million in incoming transactions.
- On-chain analysis reveals a significant transfer of A7A5, a ruble-backed stablecoin previously listed on Garantex, to Grinex.
- The user interfaces of Garantex and Grinex are strikingly similar.
- Reports indicate that some Garantex users have received reimbursements on Grinex.
- Grinex customers are reportedly visiting the former Garantex office in person.
The Connection Between Garantex and Grinex
Global Ledger's investigation strongly suggests a direct link between Garantex and Grinex. The massive transfer of A7A5 liquidity, coupled with the similar interfaces and reports of user reimbursements, provides compelling evidence of a continuation of operations under a new guise.
A marketing statement on the Russian crypto tracking site, CoinMarketRating, further supports this claim, explicitly stating that Garantex's owners created Grinex. This development highlights Russia's potential use of cryptocurrency to circumvent international sanctions.
Implications and Concerns
The apparent resurgence of Garantex as Grinex underscores the challenges in effectively enforcing sanctions in the cryptocurrency space. Even swift action against Grinex may not prevent future reappearances under yet another name. This situation calls for improved international cooperation and innovative solutions to combat sanctions evasion.
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Disclaimer: This article provides information for educational purposes only. It is not financial advice. Conduct your own thorough research before making any investment decisions.