"Suspicion of internal money laundering"...Russian Exchange Suspended, 'Shadow Cryptocurrency Economy' Exposed

▲ Russia, Bitcoin (BTC)/AI generated image

As sanctioned exchange Grinex suspended operations, on-chain analysis results directly contradicted previous hacking claims, bringing the true nature of the cryptocurrency market's 'shadow economy' to the surface.

According to Bitcoin.com, blockchain analytics firm Chainalysis analyzed the Grinex incident on April 17, stating that the fund movement patterns did not align with typical hacking. The exchange claimed asset theft worth approximately $13,700,000, but the actual on-chain flow showed a completely different picture.

Chainalysis pointed out that the stolen funds started as stablecoins and were immediately converted to TRX through a Tron-based decentralized exchange. The analysis interprets this method – quickly converting stablecoins that can be frozen by the issuer into unfrozen assets – as a move intended to evade fund tracking rather than a typical external hack.

It was also emphasized that the decentralized exchange used in these transactions had a history of being utilized as a liquidity provision route for Garanti EX, a previously sanctioned exchange. As Chainalysis has identified Grinex as a successor platform to Garanti EX, it noted the repetition of the same fund flow structure.

This incident is interpreted as a signal that cryptocurrency networks formed for the purpose of sanctions evasion are still operational. Chainalysis evaluated the Grinex suspension incident as an example demonstrating both the vulnerability and persistence of the 'shadow cryptocurrency economy'.

The suspension of Grinex's operations goes beyond a simple exchange hacking incident, raising new questions about sanctions evasion structures and money laundering mechanisms, thereby stimulating vigilance across the market.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*