How Russia’s banned exchange rebuilt a $34mln crypto pipeline
In a surprising turn of events, Russian crypto exchange Garantex, blacklisted for enabling illicit finance, has quietly resumed moving funds.
Garantex’s quiet comeback
A new investigation by blockchain analytics firm Global Ledger showed that Garantex has rebuilt a sophisticated payout system, proving that Russian operators have restored the exchange’s financial activity despite server seizures, asset freezes, and other shutdown attempts.
This finding exposes that high-risk exchanges are continually adjusting their on-chain methods, often outpacing regulators.
The analysis confirmed that despite the seizure of servers and the freezing of millions in assets in early 2025, Garantex was successfully accumulating substantial…
