Crypto highlights of the week
2 min readMar 21, 2025
- Garantex reportedly recovers from EU and U.S. sanctions by launching a new platform called Grinex. According to a report by Global Ledger, the exchange has been shifting liquidity to Grinex’s accounts, which currently hold around $29 million. On March 6, Garantex shut down operations after Tether had frozen its wallets holding funds worth over 2.5 billion rubles. The media reported afterward that Garantex co-founder Alexey Besсiokov was arrested in India upon a request by U.S. authorities. Additionally, Garantex was allegedly favored by hackers as a platform for laundering stolen funds and evading economic sanctions against Russia.
- A U.S. recession can drive the next bull run of the flagship crypto coin due to the influx of funds into the market and fiscal factors. According to BlackRock’s Robert Mitchnick, Bitcoin’s scarcity, decentralization, and independence from traditional monetary policies will make it a long-term hedge during a recession. “[Bitcoin] benefits from increased fiscal spending, deficit accumulation, and lower interest rates — all typical features of a recessionary environment,” Mitchnick explained.
- A turning point in Ripple’s history — SEC dropped its appeal in the case against the company. Ripple CEO Brad Garlinghouse shared the news. It has been over four years since the conflict between the agency and the company unraveled. “Sitting here today and reflecting on four years ago, it seems very clear to me that this case was doomed from the start. In so many ways, it was the first major shot fired in the war on crypto,” Garlinghouse stated earlier.
