Grinex, a cryptocurrency exchange thought to be the successor to the banned Russian platform Garantex, has moved an estimated $1.66 billion in cryptocurrency through various exchanges, raising concerns among blockchain analysts at Global Ledger. Despite evidence of potential illegal activities, fund flows into Grinex have not slowed down. As of May 30, Global Ledger's estimates of exposure to Grinex increased, highlighting a significant movement within the crypto market, particularly involving the Tron network's USDt. The situation remains critical as regulatory frameworks struggle to keep pace with such high-risk transactions.
Grinex has moved more than $1.66 billion in crypto through exchanges, having been identified as successor to sanctioned platform Garantex, despite numerous red flags.
Yury Serov from Global Ledger remarked, 'The amount is devastating [and] it's growing on a daily basis,' indicating the urgency regarding Grinex's fund flows.
Global Ledger noted that Grinex wallets are primarily moving USDt on the Tron network, which has been significant in funding illicit transactions.
With $649 billion in stablecoin flows exposed to high-risk addresses, over 70% of potentially illicit transactions occur on the Tron network.
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