Cryptocurrency Exchange Garantex Europe, punished Thursday, may have a contingency plan that allows the impact of US penalties, says blockchain intelligence firm TRM Labs.
On Thursday, the Foreign Assets Control (OFAC) office of the US Treasury’s Office of Foreign Assets (OFAC) Enhanced Garantex a second timeAlong with its successor, Grinex.
However, the TRM labs Says In a report on Thursday that penalties could be ineffective, as Garantex creatures “appear to prepare contingency plans in advance of the expected implementation steps” allowing them to quickly switch clients, infrastructure and funds to successor platforms.
Garantex is a major conduit used by ransomware gangs for those who have not obtained acquired, transactions to the Darknet market, and the movement of other forbidden funds. Ofac Estimates It processes at least $ 96 billion in crypto transactions from 2019 to March 2025.
Alternatives lined up months in advance
US authorities, German and Finnish fell to Garatex’s infrastructure in March, but according to the TRM Labs, Kyrgyz government records show Grinex integrated on December 2024, before the seizure and ready to take a mantle.
Wallets connected to Garantex began moving funds to the Russian ruble pegged Stablecoin A7A5 on January 2025, Sunday before Takedown, “emphasizes recognition of upcoming implementation and the intent to establish a penalty resistant to the value-transfer channel,” the blockchain intelligence firm said.
Garantex is estimated to be processed by more than $ 100 million in prohibited transactions until the initial penalty of the OFAC in 2022, and hundreds of millions of dollars that comply with the designation.
“The March 2025 multinational takedown has not stopped these activities. Instead, Garantex’s leadership has actively active a contingency plan that seems to be in the area for months,” said the TRM Labs.
“In the days following the interruption of Garantex, the telegram channels linked to the exchange began to promote Grinex as a new platform with a familiar operation.”
Meer Exchange Possible another backup plan
Another crypto exchange known as Meer is among the first to list A7A5 and have similar features and trade interfaces with Garantex and Grinex, according to the TRM Labs.
The site was also registered in December 2024, around the same time as both Grinex and A7A5.
Related: Global Ledger saw $ 15m of Garantex assets flowing despite Tether’s Freeze
Timing points on “Coordinated Development,” said the TRM Labs, and its advancement in trade volume following March 2025 implementation action in Garantex suggests that “it may have served as an additional channel for maintaining flows,” connected to the prohibited network financial activity.
A7A5 Central to Sanctions Evasion also
A major component of move from Garantex to Grinex after takedown was the introduction of the A7A5 token, which helped facilitate the movement and recovery of frozen customer funds.
The TRM Labs said the Garantex-Grinex-A7A5 Nexus is a “critical study of the case” in monitoring the prohibition of the prohibited activity and should prompt a improved diligence in tokens-pegged tokens with non-transparent management.
“The case further describes how Fiat-Pegged tokens-which are often sold as routine settlement or compensation instruments-can be restored to the key components of the prevention techniques of combating when linked to opaque corporate networks and punished financial institutions,” the firm added.
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