Sanctioned crypto exchange Garantex evades U.S. Tether freeze with $15 million still active
20th June 2025 – (Moscow) Despite a U.S.-led freeze of $26 million in Tether (USDT) tied to the sanctioned Russian crypto exchange Garantex, an investigation by blockchain analytics firm Global Ledger reveals that an additional $15 million in crypto assets remains active across multiple networks, including Ethereum, Bitcoin, and BNB Chain.
While the Tether freeze targeted Garantex’s USDT holdings, Global Ledger found that the exchange also controlled reserves in Bitcoin, Ethereum, and other tokens, including a ruble-pegged stablecoin. Notably, some funds have already been laundered through Tornado Cash, an Ethereum-based mixing service, with over $2.25 million in ETH routed through the…
