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U.S. Leads Global Seizure of Russian Crypto Exchange Garantex

Garantex's ties to sanctioned Russian banks and criminal actors led to its shutdown. The seizure highlights growing international cooperation in combating cybercrime and illegal financial flows.

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1 min read
In the picture we can see three boys standing near the desk on it, we can see two computer systems...
In the picture we can see three boys standing near the desk on it, we can see two computer systems towards them and one boy is talking into the microphone and they are in ID cards with red tags to it and behind them we can see a wall with an advertisement board and written on it as Russia imagine 2013.

U.S. Leads Global Seizure of Russian Crypto Exchange Garantex

U.S. intelligence agencies have seized Russian crypto exchange Garantex in a major international operation. The move, coordinated with multiple global law enforcement bodies, aims to combat illegal financial transactions and curb crypto-related crime.

The seizure, carried out in cooperation with the U.S. Department of Justice, the FBI, Europol, and national police forces from Germany, the Netherlands, Finland, and Estonia, has temporarily suspended Garantex's services, including cryptocurrency withdrawals. The website's wallets, worth over 2.5 billion rubles, have been blocked.

Garantex's ties to sanctioned Russian banks and criminal actors like Hydra and Conti have drawn scrutiny. In 2022, the U.S. Department of the Treasury sanctioned Garantex for its connections to darknet markets. More recently, the European Union imposed sanctions due to Garantex's links to Sberbank, T-Bank, and Alfa-Bank. Russian citizen Ekaterina Zhdanova was also sanctioned in 2023 for laundering money through Garantex from ransomware attacks like Ryuk.

Tether, a major stablecoin provider, has blocked Garantex's crypto wallets in response to the seizure. Experts anticipate that increased regulation and oversight of crypto exchanges could lead to greater market stability and reduced risks for illegal activities, despite potential impacts on the global crypto market.

The seizure of Garantex underscores growing international cooperation in combating cybercrime and illegal financial flows. With crypto exchanges under increased scrutiny, the industry must adapt to evolving regulations to ensure stability and security.

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