Sanctions can take down a website—but they can’t erase a blockchain footprint.
After the takedown of Garantex’s domain, many viewed it as a win for international sanctions enforcement. But in crypto, infrastructure doesn’t just vanish—it evolves.
Enter Grinex.io. A new exchange with a familiar feel, Grinex has quickly drawn attention for its uncanny resemblance to Garantex. While there’s no definitive proof that it’s a rebrand or direct successor, on-chain behavior reveals a tangled web of technical and transactional ties.
At Merkle Science, we’ve been tracking Grinex using our real-time attribution pipelines on the Tron network. While our coverage currently focuses on USDT, we’re expanding to include assets like A7A5, a ruble-backed stablecoin.
Here’s what we’ve uncovered so far:
One asset in particular raises eyebrows: A7A5, a stablecoin backed by the Russian ruble and issued by Kyrgyz firm Old Vector. It's part of Promsvyazbank’s A7 cross-border payment system and operates under Kyrgyz regulatory frameworks.
Its presence on Grinex points to a broader issue: jurisdictional arbitrage. As sanctioned platforms look for new lifelines, they increasingly rely on regulatory gray zones and geopolitical gaps to maintain operations.
What we’re seeing isn’t unique. It’s a pattern we know well—operational laundering: rebrand the shell, keep the engine. From a compliance and enforcement perspective, these tactics demand a more adaptive, long-term response.
Sanctions don’t end with takedowns. The infrastructure often lingers, shifting just enough to stay one step ahead. Here’s what’s needed to keep up:
At Merkle Science, we’re continuing to monitor Grinex and will share more findings as this case develops. For now, the blockchain is telling a story that’s hard to ignore—and it’s one that’s far from over.
