AML Company Finds $15M of Garantex Reserves
Global Ledger identified over $15 million in active reserves from crypto exchange Garantex, with significant movements of funds. A dormant Garantex Ethereum wallet accumulated Ether (ETH) starting March 6, transferring $2.3 million in ETH to Tornado Cash, while still holding $6.1 million in ETH. Similar patterns were observed with Bitcoin (BTC), with 2.2 BTC bridged to the TRON network and partially transferred to Grinex. Global Ledger's CEO stated that the situation highlights failures in sanction enforcement rather than law enforcement. On March 6, Tether froze $27 million in USDt linked to Garantex, which subsequently halted operations. The US Treasury sanctioned Garantex in April 2022 for non-compliance with AML regulations, followed by EU sanctions in February 2025. Garantex founder Aleksej Bešciokov was arrested in India and faces extradition to the US on conspiracy charges. In response to Tether's actions, a Russian finance ministry official suggested developing a stablecoin and announced plans for a cryptocurrency exchange for "super-qualified" investors.
