Garantex’s Cryptocurrency Reserves Revealed
Global Ledger, a firm specializing in anti-money laundering (AML) solutions for cryptocurrencies, has revealed that crypto exchange Garantex possesses upwards of $15 million in active cryptocurrency reserves, with certain funds seemingly on the move. The report notes that on March 6, an Ethereum wallet connected to Garantex that had been inactive for some time started to gather Ether, eventually channeling about $2.3 million worth of ETH into Tornado Cash. As of now, the wallet retains approximately $6.1 million in ETH that remains untouched.
Bitcoin Holdings and Remarks from Experts
In addition, similar activities have been observed in Garantex’s Bitcoin holdings, as the report outlines that roughly 2.2 BTC was transferred to the TRON network before portions of it were sent to Grinex. Global Ledger’s co-founder and CEO, Lex Fisun, shared his insights on the situation, stating:
“The Garantex case undermines the illusion of control that many still cling to. $15 million moving freely through obscure chains and mixers isn’t a failure of law — it’s a failure of sanction enforcement.”
Sanctions and Legal Developments
On the same day, March 6, Tether executed a freeze on $27 million in USDt associated with Garantex. The exchange disclosed that operations had been suspended, alleging that Tether was waging a campaign against the Russian crypto market and ceased access to their wallets containing over 2.5 billion rubles (equivalent to around $27 million).
In April 2022, Garantex found itself under sanctions from the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) for its failure to comply with AML regulations among other regulatory requirements. Subsequently, the European Union imposed its sanctions on the exchange on February 24, 2025.
Recent Arrest and Currency Developments
Additionally, on March 12, reports emerged that Garantex’s founder, Aleksej Bešciokov, had been apprehended while on vacation with his family in India, with the possibility of extradition to the U.S. where he faces multiple conspiracy charges, including money laundering.
In response to Tether’s freezing of assets linked to Garantex, Russian finance ministry official Osman Kabaloev commented on April 17, advocating for the development of a domestic stablecoin. His remarks came shortly after Tether’s decision to restrict access to their USDt tied to the exchange. Kabaloev stated:
“We do not impose restrictions on the use of stablecoins within the experimental legal regime.”
He also acknowledged that these recent events highlighted potential risks that stablecoins may pose. A week later, on April 24, authorities announced plans to establish a cryptocurrency exchange for “super-qualified” investors, according to the Russian finance ministry and central bank.
