Coin Market

Sanctioned crypto exchange Garantex shifts millions as it reboots platform

Published

16 hours ago

March 20, 2025

Shuttered crypto exchange Garantex is reportedly back under a new name after laundering millions in ruble-backed stablecoins and sending them to a freshly created exchange, according to a Swiss blockchain analytics company.

Global Ledger claims the operators of the Russian exchange have shifted liquidity and customer deposits to Grinex, which they say is “Garantex’s full-fledged successor,” in a report released to X on March 19.

“We can confidently state that Grinex and Garantex are directly connected both onchain and offchain.”

“The movement of funds, including the systematic transfer of A7A5 liquidity, the use of one-time-use wallets, and the involvement of addresses previously associated with Garantex, provides clear onchain proof of their link,” the Global Ledger team said in the report.

After completing its investigation on March 13, Global Ledger says it had found onchain data showing Garantex laundered over $60 million worth of ruble-backed stablecoins called A7A5 and sent them to addresses associated with Grinex.

Global Ledger claims Garantex has moved all its funds over to a newly launched exchange and is back in business. Source: Global Ledger

“In this case, the burning and subsequent minting process was used to launder funds from Garantex, allowing new coins to be minted from a system address with a clean history,” the team said.

A Garantex manager also reportedly told Global Ledger that customers have been visiting the exchange office in person and moving funds from Garantex to Grinex.

“Additionally, offchain indicators, such as transactional patterns, commentaries and exchange behaviors, further reinforce this connection,” it said.

The report also points to a description of Grinex on the Russian crypto tracking site CoinMarketRating, claiming that the owners of Garantex created it. The reports said this shows “Grinex is not an independent entity but rather a full-fledged successor to Garantex, continuing its financial operations despite the exchange’s official shutdown.”

Source: Global Ledger

By March 14, the volume of incoming transactions on Grinex was nearly $30 million, according to Global Ledger. CoinMarketRating shows that the trade volume for the month is now over $68 million, with spot trading topping $2 million.

The US Department of the Treasury’s Office of Foreign Assets Control first hit Garantex with sanctions in April 2022 for allegedly money laundering violations.

On March 6, the US Department of Justice collaborated with authorities in Germany and Finland to freeze domains associated with Garantex, which they claim processed over $96 billion worth of criminal proceeds since launching in 2019.

Stablecoin operator Tether also froze $27 million in Tether (USDT), on March 6 which forced Garantex to halt all operations, including withdrawals.

Only a few days later, on March 12, officials with India’s Central Bureau of Investigation arrested Aleksej Bešciokov, who allegedly operated Garantex, on US charges that included conspiracy to commit money laundering.

Magazine: How crypto laws are changing across the world in 2025

Coin Market

Canary files for PENGU ETF

Published

31 minutes ago

March 20, 2025

Asset manager Canary Capital has filed to list an exchange-traded fund (ETF) holding Pengu (PENGU), the governance token of the Pudgy Penguins non-fungible token (NFT) project, US regulatory filings show.

The ETF is the latest in a slew of filings for new US investment products tied to spot cryptocurrencies, including altcoins and memecoins.

According to the filing, the ETF is intended to hold spot PENGU as well as various Pudgy Penguins NFTs. It would be the first US ETF to hold NFTs if approved.

Additionally, “[t]he Trust will also hold other digital assets, such as SOL and ETH, that are necessary or incidental to the purchase, sale and transfer of the Trust’s PENGU and Pudgy Penguins NFTs,” the filing said.

Launched in December, PUDGY has a roughly $438-million market capitalization as of March 20, according to CoinGecko.

On March 18, Canary filed to list the first US ETF holding Sui (SUI), the native token of the Sui layer-1 blockchain network.

Pudgy Penguins is among the most popular NFT brands. Source: Cointelegraph

Policy reversal

The US Securities and Exchange Commission has acknowledged dozens of filings for new crypto investment products since US President Donald Trump took office on Jan. 20.

They include filings for proposed ETFs for native L1 tokens such as Solana (SOL) and XRP (XRP), as well as for memecoins such as Dogecoin (DOGE) and Official Trump (TRUMP).

Some industry analysts are skeptical that ETFs holding non-core cryptocurrencies will see a meaningful uptake among traditional investors.

“Pengu ETF announced. Price barely goes up. New ETFs for crypto assets have become an irrelevant joke,” crypto researcher Alex Krüger said in a March 20 post on the X platform. “Most crypto ETFs will fail to attract AUM and cost issuers money.”

Since starting his second presidential term, Trump has reversed the US government’s stance on digital assets, promising to make America “the world’s crypto capital.”

Under his predecessor, former US President Joe Biden, US regulatory agencies brought upward of 100 enforcement actions against crypto firms.

On March 20, asset manager Volatility Shares launched two Solana futures ETFs, the Volatility Shares Solana ETF (SOLZ) and the Volatility Shares 2X Solana ETF (SOLT).

They use financial derivatives to track SOL’s performance with one- and two-time leverage, respectively. Spot SOL ETFs are still awaiting regulatory approval.

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Coin Market

Bitcoin Coinbase premium returns — Is $90K BTC price in the cards?

Published

2 hours ago

March 20, 2025

The Bitcoin (BTC) Coinbase premium index reached its highest level since Feb. 20 after BTC prices rallied 5% on March 19.

Bitcoin’s Coinbase premium index. Source: CryptoQuant

Return of Coinbase premium highlights Bitcoin accumulation

The Coinbase premium index measures the price difference between Coinbase and Binance prices for BTC pairs, where a higher value signals US investors dictating stronger buying pressure. The index gauges US retail interest, but Woonminkyu, a verified analyst on CryptoQuant, said that it may also signal strong accumulation from US institutions and whales.

Coinbase premium analysis by Woominkyu. Source: CryptoQuant

The analyst explained that the 30-day EMA of the index crossed the 100-day EMA level, which implies the presence of large players. The analyst added,

“Past trends show that when this indicator rises, BTC bull markets tend to continue. High likelihood of an accumulation phase, making it a key moment to monitor BTC’s momentum.”

Coinbase Pro was integrated into Coinbase Advanced (a platform used by companies like Strategy and Tesla for BTC purchases) in early 2024. Therefore, it is plausible that the Coinbase premium also represents US institutional interest to a certain extent.

Can Bitcoin reclaim $90K in March?

One of the major positives observed on BTC’s 1-day chart is the bullish reclaim on the 200-day exponential moving average (orange line). When prices remain above the 200-day EMA level, the probability of an uptrend increases for BTC to form higher highs in the chart.

Bitcoin 1-day chart. Source: Cointelegraph/TradingView

After a successful breakout above $85,000 resistance, turning the level into support further improves the possibility of a $90,000 retest. On the daily chart, Bitcoin price also bounced from the lower range of the Bollinger Bands (BB), with the metric’s moving average remaining above the $90,000 level.

The bullish narrative is invalidated if a daily candle closes below $85,000 before the end of the week. Michael Van de Poppe, the founder of MN Consultancy, shared a bullish stance and said that he expects a continued run to retest $90,000 over the next few days.

However, Max, the founder of BecauseBitcoin, said BTC might have a “little more work to do.” The analyst said the EMA cloud indicators continue suppressing BTC below the $88,000 and $90,000 range. Max added,

“Bitcoin is uptrending on every time frame except the Daily & Weekly (RSI

Similarly, crypto trader Koroush AK suggested traders remain cautious until a shift in market structure occurs. The trader noted that Bitcoin (BTC) prices are currently at a critical level below $90,000; the chance of a correction below $73,000 remains a threat.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Coin Market

Kevin O’Leary reveals key catalysts that could reverse the bearish trend

Published

2 hours ago

March 20, 2025

The crypto market is currently facing significant pressure, largely due to US President Donald Trump’s trade war and deteriorating macroeconomic conditions. These factors have put markets under strain, with some analysts predicting that the bull run is over and a bear market may be on the horizon.

In a recent Cointelegraph interview, Kevin O’Leary, also known as “Mr. Wonderful,” shared his thoughts on the current state of the market and what could be ahead. Despite the turbulence, O’Leary remains optimistic about the future of Bitcoin (BTC). He explains that while the market is under pressure, he still expects Bitcoin to end the year higher as a couple of key factors come into play.

A key issue discussed in the interview is the need for regulatory clarity, especially surrounding stablecoins. O’Leary is particularly focused on the GENIUS Act, which he believes will be passed imminently by the US Congress. “We have been waiting for almost seven years for this legislation. I have a feeling it’s going to make it, and when that happens, it’s a game changer,” O’Leary said.

The passage of the GENIUS Act, which aims to provide regulatory clarity around stablecoins, should boost the adoption of dollar-backed stablecoins. This move is expected to bring much-needed stability and legitimacy to the crypto market, helping to mitigate some of the ongoing risks. O’Leary also shared insights into his personal crypto portfolio, revealing a diversified mix of assets in his portfolio.

To dive deeper into O’Leary’s views on the current state of the crypto market and his personal approach to investing in crypto, make sure to watch the full interview on our channel.