Grinex’s reach expands to $1.66B despite history of sanctions
Grinex, a cryptocurrency exchange identified as the suspected successor to the sanctioned Russian platform Garantex, has reportedly moved more than $1.66 billion in crypto through exchanges, despite red flags raised by blockchain analytics firm Global Ledger.
Garantex had its infrastructure taken down by US, German and Finnish authorities in March and has since reportedly shifted its operations to Grinex.
Global Ledger initially told Cointelegraph that various cryptocurrency exchanges had around $1 billion in fund exposure to Grinex, as of early May.
But the movement hasn’t stopped, the Swiss blockchain data specialist said. By May 30, researchers had raised their estimates due to continuous fund flows in and out of Grinex.
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