A comprehensive report from Global Ledger claims that Garantex’s founders created a new exchange, Grinex, just a week after the previous exchange was shut down by US and EU authorities. The new platform, Grinex, has already processed $36 million in incoming transactions.

Global Ledger shared this report exclusively with BeInCrypto.

Is Garantex Back Under a New Name?

Garantex, a Russian crypto exchange, was shut down last week, but apparently, it isn’t out. Earlier this month, Tether froze some of its wallets containing USDT worth $28 million, and the US Department of Justice seized its domains, as its co-founder was arrested.

However, a new report shows that Garantex’s team has already launched a similar exchange, Grinex.

“Swiss blockchain analytics company Global Ledger has completed its investigation and gathered conclusive evidence that Grinex, the exchange that emerged shortly after the dramatic collapse of Garantex, is, in fact, a direct continuation of Garantex itself,” Global Ledger claimed in an exclusive press release shared with BeInCrypto.

The center of this claim comes from on-chain analysis. A7A5, a ruble-backed stablecoin, was listed on Garantex less than a month before its shutdown.

Soon after, its creators confirmed via Telegram that the asset was listed on Grinex. Global Ledger tracked a massive A7A5 liquidity transfer from Garantex to Grinex, proving a connection.

Garantex Users Are Receiving Lost Funds On Grinex

According to Global Ledger’s research, these exchanges have incredibly similar interfaces. Also, a marketing statement on the Russian crypto tracking site ‘CoinMarketRating’ claims that the owners of Garantex created Grinex.

Most notably, some users who lost funds on Garantex have reported receiving reimbursements on Grinex.

Sources also claim that Grinex customers are visiting the Garantex office in person, and many users are moving assets to the new exchange.

Overall, all facts reflect that Grinex has found a way to remain operational, despite the earlier crackdown. The US Department of Justice sanctioned Garantex in 2023.

The case of Grinex is another example of how Russia has been using crypto to actively evade international sanctions. Even if law enforcement acts quickly against Grinex, it could resurface.

A week ago, a death cross appeared on Solana’s (SOL) one-day chart, signaling a growing bearish momentum. 

While the coin’s price has since consolidated within a range, rising selling pressure suggests a potential breakdown in the near term.

Solana’s Death Cross and Bearish Momentum Fuel Fears

BeInCrypto’s assessment of the SOL/USD one-day chart reveals that a death cross emerged seven days ago. This is a bearish pattern formed when an asset’s short-term moving average (the 50-day) crosses below its long-term moving average ( the 200-day). 

It confirms a shift from a bullish trend to a bearish one, indicating weakening momentum and increased downside risk. Since the pattern emerged, SOL’s price has traded within a narrow range. It has since oscillated between resistance formed at $136.92 and a support floor of $121.18. 

However, with selling pressure mounting, SOL appears poised for a breakdown below this support level. The widening gap between its 50-day and 200-day SMAs reinforces the likelihood of this happening in the near term.

Adding to this bearish outlook, SOL’s negative Elder-Ray Index indicates that sellers are gaining control. This indicator currently stands at -11.46 at press time.

The Elder-Ray Index measures the strength of buyers (bull power) and sellers (bear power) by comparing an asset’s high and low prices to its exponential moving average (EMA). When the index is negative, it indicates that bear power is dominant.

This confirms the increased selling pressure among SOL traders and hints at the likelihood of a break below the support formed at $121.18. 

SOL Bears Eye $110 as Selling Pressure Mounts—Will Support Hold?

SOL’s breakdown below the $121.18 support zone would exacerbate the downward pressure on its price. Such a breach would offer another confirmation of the bearish trend in the market and could cause the coin’s price to plummet toward $107.88.

On the other hand, if market sentiment improves and SOL demand spikes, it could break above the resistance at $136.92 and soar to $152.87.

Crypto entrepreneur Mario Nawfal faces allegations of orchestrating a meme coin rug pull involving the prominent streamer Adin Ross.

The controversy erupted after Nawfal’s X account, @RoundtableSpace, posted about a supposed partnership with Ross to launch a Solana-based token, ROSS. The post was swiftly deleted, raising suspicions of fraudulent activity.

Mario Nawfal Faces Allegations of Orchestrating $7 Million Rug Pull

On Tuesday, @RoundtableSpace announced the launch of ROSS, claiming that Adin Ross was backing the project. The tweet contained a contract address, seemingly legitimizing the meme coin. However, within 20 minutes, the post was deleted, triggering immediate skepticism within the crypto community.

X (Twitter) user @cryptolyxe flagged the incident. The user accused Nawfal of faking a partnership with Ross to drive up the token’s value. Cryptolyxe provided screenshots showing the original tweet and a price chart depicting an 82.72% price crash, indicating a rug pull.

A rug pull is when early promoters artificially pump a token’s value before abandoning it, leaving investors with worthless assets. According to cryptolyxe, the token’s market cap soared to $7 million before plummeting to zero.

“So Mario Nawfal just posted a fake “partnership” with Adin Ross for a memecoin, then rugs the coin from $7m to 0, and deletes all the tweets… bruh,” cryptolyxe remarked.

In the aftermath, @RoundtableSpace issued a series of statements denying any wrongdoing. They claimed that an unauthorized individual from their team, @hardsnipe, was responsible for posting about the token without approval.

Nawfal’s team maintained that they acted quickly to delete the post and clarified that no official partnership with Adin Ross existed. Nawfal later alleged that his account had been compromised.

“Someone got access to both this account and Crypto Town Hall and posted a fake CA yesterday and today,” Nawfal indicated.

He further clarified that once the breach was discovered, delegate access was revoked. Reportedly, they also changed passwords to prevent further unauthorized posts.

Growing Concerns Over Meme Coin Rug Pulls

Despite Nawfal’s explanations, many in the crypto community remain unconvinced. Several users, including @nftkeano, pointed to Nawfal’s history of promoting dubious crypto projects, fueling doubts about whether this was an accident or a deliberate scam.

“This is literally your 3rd rug this month…,” Keano noted.

Adding to the controversy, Adin Ross’ team denied involvement with the token. Chat logs suggest internal confusion regarding Ross’ participation, reinforcing the claim that the partnership was never real.

While Nawfal’s team insists the ROSS meme coin post was a mistake caused by an unauthorized team member, the crypto community remains deeply skeptical. The quick deletion of the tweet and the sudden collapse of the token’s value raise questions. Nawfal’s history of controversies also does not bode well for his case, leaving many questioning the true nature of this event.

Whether this was a genuine mistake or an intentional scam, the incident reflects the ongoing risks in the crypto arena.

Three weeks ago, rumors circulated about the alleged sale of Kanye West’s X account. The supposed new owners used it to promote the Barkmeta meme coin, sparking fears of a meme coin rug pull.

The incident raised questions about celebrity involvement in crypto scams. Meanwhile, Barstool Sports founder Dave Portnoy faced backlash over accusations that he orchestrated a GREED rug pull.

After promoting the coin, Portnoy allegedly sold off a large portion of his holdings, leading to a price collapse that left investors at a loss.

Additionally, reports indicate that insiders behind the LIBRA meme coin have been linked to other controversial projects, including the MELANIA coin, which also faced rug pull allegations.

The growing trend of rug pulls highlights the risks investors face when buying tokens associated with high-profile figures or influencers.

Data on GeckoTerminal shows that ROSS has been down by over 95% in the last 24 hours and is trading around its floor price.