Grinex’s $1.66B Crypto Escapade: It’s Like a Magic Trick, But with Less Magic!

by

Well, well, well. What do we have here? Grinex, the suspiciously shiny new cryptocurrency exchange, seems to be following in the footsteps of its infamous predecessor, Garantex, but with a *slightly* less subtle flair. The daring Grinex has reportedly moved a whopping $1.66 billion in crypto through exchanges, despite all the red flags raised by Global Ledger—who, frankly, are just too polite to call it a circus. 🧐

Ah yes, Garantex. Remember it? Gone. Crushed by the mighty US, German, and Finnish authorities in March. But don’t worry, folks—like a bad penny, it’s back! Now, it’s Grinex. *Surprise!* 🎩✨

Now, here’s where it gets juicier. Global Ledger, those ever-vigilant blockchain detectives, reported that, as of early May, various exchanges were holding nearly $1 billion in funds exposed to Grinex. But wait, don’t hold your breath—they’ve raised their estimate as of May 30. You know, because Grinex just can’t stop moving that money around. 😅

“You can see [the amount is] devastating [and] it’s growing on a daily basis,” said Yury Serov, research head at Global Ledger. Oh, Yury, you sweet summer child. You had hopes, didn’t you? 😬

Image 1

Grinex Wallets Keep Churning Out USDt on Tron… Like a Candy Machine with a Mind of Its Own!

Here’s another nugget of delight: $649 billion in stablecoin flows exposed to high-risk addresses. And guess what? A whole 70% of that dirty, dangerous dough was all happening on the Tron network with USDt (USDT). Tricky, isn’t it? 🎮💰

Meanwhile, Grinex is happily sending those funds around like a game of crypto hot potato, with $1.66 billion funneled through no fewer than 180 exchanges. That’s a lot of virtual asset service providers (VASPs) to keep track of—good luck with that, folks!

Image 2

And if you’re wondering about the legal bit—don’t. The Travel Rule recommends that the receiving VASP gets all the juicy details on who’s sending the money. Of course, Grinex has a unique way of ignoring that bit. But hey, who’s counting? 🤷‍♂️

Global Ledger did try to notify these exchanges about their new, shiny Grinex-fueled problem. Some were nice enough to acknowledge the notification, while others… well, let’s just say it’s *radio silence*. 🎤🤐

Image 3

Oh, and don’t get me started on CryptoMoon trying to play detective. They asked six big-name crypto firms whether they knew about Grinex. Only Binance gave a straight answer—good ol’ Binance says they block “sanctioned individuals and entities” like it’s a hobby. 🙄

But that’s the fun of crypto, right? No intermediaries, no obfuscation. Just a delightful mess of direct interactions and *surprise* fund transfers. Makes you feel all warm inside, doesn’t it? 🔥💸

Grinex Emerges from the Shadows of Garantex: Like a Phoenix, But in Reverse!

Let’s rewind a bit, shall we? Back in March, authorities took down Garantex like it was a house of cards. Tether froze $27 million in stablecoins, domain names were seized, and servers were… well, unceremoniously *confiscated*. Garantex had been processing a cheeky $96 billion in crypto transactions since 2019. That’s a lot of zeros. 😱

Then, just as you thought the whole saga was done, Grinex stepped up. And guess what? Garantex supposedly moved over $60 million in ruble-backed stablecoins to Grinex. Garantex, meet your new and improved, *fully legitimate* sibling. 🍾

Image 4

Global Ledger even says one of Grinex’s managers confirmed that Garantex customers came pouring in like it was Black Friday, transferring their funds with an almost eerie enthusiasm. 😎

It’s almost like Garantex was a practice run. And now Grinex is the real deal. The US Treasury sanctioned Garantex in 2022, and the EU followed in 2025. But I’m sure Grinex has learned all the right lessons. Maybe. 👀

Grinex Shows How to Survive a Crackdown: It’s Like an Escape Artist, But With More Money!

Back in the good ol’ days of blockchain, crypto was the darling of cybercriminals. Now it’s the darling of everyone else, but let’s be real: the criminals still know how to exploit those little blind spots. 🤫

Grinex might be operating legally in the EU, but as Serov points out, these exchanges are still active in countries where Russians are flocking to avoid a certain little conflict. It’s all about the documentation, baby! 🔏

And just when you thought it couldn’t get crazier, Alex Katz, CEO of Kerberus, pointed out that even when exchanges are shut down, they rebrand and keep going. Take eXch, for example—just dismantled by the Germans, but those wallets? Still going strong. Guess crypto is just like cockroaches—impossible to truly squash. 🪳

Read More

2025-05-30 17:03