Russia Revives Blacklisted Crypto Empire Garantex to Outrun Sanctions

Blockchain analytics firm Global Ledger uncovered evidence that the Western-sanctioned Russian crypto exchange Garantex is actively moving funds through a rebuilt payout architecture. Researchers found Garantex-linked wallets holding over $34 million, with $25 million already paid out to former users. The exchange conceals money flow by shifting reserves through mixing services like Tornado Cash and routing assets across Ethereum, Optimism, and Arbitrum before distribution. This activity occurs as Russia pivots its financial strategy, moving from banning crypto to utilizing digital assets, like the rouble-backed stablecoin A7A5, to support trade under sanctions. The findings suggest Garantex has adapted its operations to circumvent pressure, mirroring the development of new crypto-based payment systems designed to erode traditional external sanctions.

(Source：BeInCrypto)