US Hits Grinex Crypto Exchange With Sanctions, Garantex Successor
▼ Summary
– The U.S. Treasury sanctioned Grinex, the successor to Russian crypto exchange Garantex, for allegedly continuing illicit activities tied to ransomware money laundering.
– A TRM Labs report noted Grinex’s links to Garantex but lacked evidence of ongoing illegal transactions.
– Garantex was previously sanctioned in 2022 for ties to cybercrime groups like Hydra and Conti, processing $100 million in illicit transactions before its domains were seized in 2025.
– OFAC stated Grinex was created post-Garantex sanctions to transfer customer deposits and has since facilitated billions in crypto transactions.
– The State Department offered a $6M reward for Garantex executives and revealed the exchange processed $96B in crypto transactions from 2019-2025.
The U.S. Treasury Department has imposed fresh sanctions on Grinex, a cryptocurrency exchange identified as the successor to Garantex, a Russian platform previously penalized for enabling ransomware groups to launder illicit funds. This latest move underscores ongoing efforts to crack down on financial networks supporting cybercriminal activities.
A recent report from blockchain analytics firm TRM Labs highlighted Grinex’s connections to Garantex’s former operations, though it did not confirm whether the new platform was actively involved in illegal transactions. The exchange gained attention after being promoted on Telegram channels associated with Garantex shortly after U.S. authorities seized Garantex’s domains in March 2025. The seized platform had allegedly processed $100 million in illegal transactions, including money laundering for cybercriminals. Two of Garantex’s administrators, Aleksandr Mira Serda and Aleksej Besciokov, faced criminal charges, with Besciokov arrested during a trip to India.
Garantex first landed on OFAC’s sanctions list in April 2022 due to its ties to darknet markets and ransomware syndicates, including Hydra, Conti, and groups like Black Basta and LockBit. According to OFAC, Grinex emerged as a direct response to the sanctions imposed on Garantex, with its promotional materials openly acknowledging its role in continuing services for Garantex users. Since its launch, Grinex has reportedly handled billions in cryptocurrency transfers, raising concerns about its potential misuse.
In addition to targeting Grinex, OFAC renewed sanctions against Garantex, three of its founders, and six affiliated companies across Russia and Kyrgyzstan. These firms, InDeFi Bank, Exved, Old Vector, and others, are accused of supporting the sanctioned exchanges. Meanwhile, the State Department announced a $6 million reward for information leading to the arrest or conviction of Garantex executives, signaling heightened enforcement efforts.
John K. Hurley, Treasury’s Under Secretary for Terrorism and Financial Intelligence, emphasized the risks posed by such platforms, stating that illicit activities undermine both national security and the credibility of legitimate crypto businesses. Between 2019 and 2025, Garantex alone processed $96 billion in crypto transactions, illustrating the scale of its operations before being shut down.
These measures reflect a broader strategy to disrupt financial pipelines used by cybercriminals while reinforcing the need for transparency in the digital asset space. Authorities remain vigilant in tracking entities that attempt to circumvent sanctions or facilitate unlawful transactions.
(Source: Bleeping Computer)