latest report from the Swiss blockchain analysis company Global Ledger shows that the sanctioned Russian cryptocurrency exchange Garantex has been renamed to Grinex, and a large amount of on-chain and off-chain data indicates that Grinex is the direct successor of Garantex. Some of Garantex's liquidity, including the ruble-backed stablecoin held by Garantex, has been transferred to wallets controlled by Grinex. Grinex has grown rapidly in recent weeks, with trading volume exceeding $40 million in just two weeks.