Garantex, the Russian crypto alternate with alleged ties to shady banks and prison networks, is gone—its web site yanked offline by the Russian Secret Service in coordination with international enforcement.
This takedown, years within the making, wasn’t delicate. US and European regulators have been circling for ages, utilizing Garantex as a poster youngster for what occurs to unregulated platforms that stray too near the hearth. The message? The noose is tightening for crypto outlaws.
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A Coordinated Crackdown On Russian Crypto Change Garantex
The Garantex website is lifeless, changed by a blunt seizure discover from the US and Russian Secret Service. Furthermore, spokesperson Nate Herring confirmed the takedown as a part of an “ongoing investigation,” although particulars stay underneath wraps.
BREAKING
All Russian Wallets With $USDT Are Underneath Hazard!
Earlier this morning, Garantex Change anounced that @Tether_to had frozen ₽2.5B(RUB) value of $USDT on their wallets.
And only in the near past, their web site https://t.co/IFVH21W9dV has been taken down.
It’s reported… pic.twitter.com/B0E4drbl8P
— enCRYPT0 (@0xEncrypto) March 6, 2025
This motion follows Tether’s controversial resolution to freeze $28 million in USDT related to Garantex on March 6. Importantly, the stablecoin issuer’s participation demonstrates the rising collaborative strategy between legislation enforcement companies and main crypto organizations to fight illicit actions throughout the digital asset ecosystem.
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Tether Blockade and Garantex’s Response
Reacting to the scenario, Garantex issued a press release by way of its Telegram channel accusing Tether and reiterating its dedication to resolve the difficulty.
“We’re combating and won’t surrender,” the alternate acknowledged, including that it had “quickly suspended all companies, together with cryptocurrency withdrawals whereas our total crew solves this drawback.”
The frozen belongings reportedly quantity to over 2.5 billion rubles (roughly $25 million), additional complicating the scenario for the alternate, which has been underneath scrutiny for years.
Garantex has been a thorn within the aspect of Western authorities for years. Sanctioned in April 2022 by the U.S. Treasury’s OFAC—with backing from the FBI and German authorities—the alternate was accused of funneling over $100 million to shady operators.
Among the many accusations was almost $6 million linked to the infamous Conti ransomware gang and $2.6 million flowing from Hydra, the now-dead darknet bazaar.
Implications for the Crypto Trade
The seizure of Garantex’s belongings and takedown of its website is simply the most recent salvo within the struggle over crypto’s soul. By alleging ties to sanctioned Russian entities, U.S. authorities are folding crypto right into a broader narrative of geopolitical enforcement.
This additionally raises the query—are U.S. and Russian officers cracking down on crypto or quietly hoarding it in a digital arms race?
The takedown of Garantex’s web site ramps up the struggle towards crypto platforms accused of fueling illicit transactions. With worldwide companies banding collectively, the message is obvious—judgment day is coming for unregulated exchanges.
The fallout may reshape crypto’s future. Tether’s position in freezing belongings factors to an trade strolling a high quality line between compliance and liberty. Regulators name it accountability; skeptics name it the sluggish loss of life of centralization.
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Key Takeaways
Garantex, the Russian crypto alternate with alleged ties to shady banks and prison networks, has been seized.
The fallout may reshape crypto’s future.
The publish Russia’s Secret Service Simply Seized a Russian Crypto Change: Hyperbitcoinization Race is On? appeared first on 99Bitcoins.
