On March 20, according to The Block, a report by the analysis firm Global Ledger showed that the operator of the sanctioned Russian cryptocurrency exchange Garantex is suspected of launching a new trading platform called Grinex and transferring client funds to that platform. Grinex is still operating in Russia and has many similarities to Garantex, which was sanctioned by international agencies earlier this month. On-chain data shows that Grinex has already processed transactions worth nearly $30 million. Global Ledger stated: "These investigation results indicate that Grinex is not an independent entity, but the official successor to Garantex, and although the trading platform has officially closed, it continues to conduct financial operations."