Global Ledger, a company that’s basically the digital Sherlock Holmes of crypto crime, has sniffed out over $15 million in assets flowing from the crypto exchange Garantex, which, as usual, seems to be doing everything in its power to look suspicious. Some of that money is moving faster than a cat on a hot tin roof, and others, well, others are just hanging out, probably plotting something dastardly.
According to Global Ledger’s latest report (yes, the one that makes you wish you understood half of it), a sleepy Ethereum wallet belonging to Garantex suddenly woke up on March 6, started stacking Ether (ETH) like a squirrel hoarding nuts, and then decided to send $2.3 million in ETH straight to Tornado Cash. That’s like sending your money through a secret tunnel to an unknown location, but with more digital drama. Oh, and that wallet still holds $6.1 million in ETH, just sitting there, probably wishing it could take a nap.
And wait, there’s more! In case you thought this was all an ETH party, Bitcoin decided to join in on the fun. About 2.2 BTC got sent to the TRON network, and then, as if following some elaborate treasure map, it made its way to Grinex. The plot thickens…
“The Garantex situation really blows up the fairy tale that there’s control over all this,” said Lex Fisun, co-founder of Global Ledger, in a chat with CryptoMoon. “$15 million skipping across obscure chains like a cryptographic ninja isn’t a failure of law—it’s a failure of sanctions enforcement. But who’s counting?”
On March 6, Tether stepped in like a digital knight in shining armor and froze a cool $27 million USDt (USDT) belonging to Garantex. Naturally, Garantex wasn’t having it, and they halted operations with all the drama of an action movie: “Tether has waged war against the Russian crypto market and frozen our wallets, worth more than 2.5 billion rubles [$27 million].” Cue dramatic music.
Fast forward to April 2022, and the US Treasury’s Office of Foreign Assets Control (OFAC) decided Garantex was the bad guy in this crypto thriller and slapped them with sanctions. Not to be outdone, the EU joined the party in February 2025, delivering their own brand of crypto justice. Talk about international cooperation!
Meanwhile, Garantex made headlines again on March 12 when they announced that their founder, Aleksej Bešciokov, had been arrested while on vacation in India. He might be extradited to the United States, where he’s facing a laundry list of conspiracy charges, including money laundering. Who knew crypto could be this glamorous?
Russia Strikes Back: The Stablecoin Saga Continues
On April 17, Russia’s finance ministry official Osman Kabaloev gave the world a dramatic reading of how they plan to handle this whole “crypto freeze” business. He declared, “We should make our own stablecoin.” Because why not? Apparently, the whole “other countries blocking our wallets” thing isn’t their favorite trend. Kabaloev also remarked that stablecoins can pose risks, though we’re not entirely sure whether those risks involve more money or more drama.
And then, in a plot twist worthy of any soap opera, on April 24, the Russian finance ministry and central bank announced their plan to launch a cryptocurrency exchange—but only for “super-qualified” investors. Because what says ‘exclusive club’ more than a crypto exchange designed for a select few? It’s basically the VIP section of the crypto world. Sorry, peasants, but you can’t sit with us.
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2025-06-05 21:46