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Russia-sanctioned exchange Garantex quietly restarts, crypto payment networks once again bypassing international sanctions
Blockchain analytics firm Global Ledger's latest investigation shows that the Russian cryptocurrency exchange Garantex, which was placed under sanctions by the West, is resuming operations and continues to process funds through a hidden payment architecture. Despite its servers being previously seized and its business being targeted by the international community, on-chain evidence indicates that the platform has quietly restarted recently and has transferred tens of millions of dollars in assets to users.
The investigation found that researchers tracked multiple new wallets associated with Garantex on the Bitcoin and Ethereum networks, holding a total of over $34 million in cryptocurrency, with at least $25 million already paid to former users. The flow of funds also reveals how they evade monitoring: Garantex uses mixing tools like Tornado Cash to obfuscate reserves, then jumps across networks via cross-chain bridges between Ethereum, Optimism, Arbitrum, and others, ultimately consolidating into an aggregation wallet before transferring out to multiple payment accounts.