In a significant move, the US Secret Service has taken control of the Garantex website, a cryptocurrency exchange based in Russia. This operation, conducted as part of a global collaboration, was initiated due to Garantex’s alleged ties to sanctioned Russian financial institutions and criminal groups. The action follows Tether‘s recent decision to freeze $28 million in USDT associated with the exchange, leading to increased scrutiny due to Garantex’s past involvement in illicit online activities.
What Led to the Seizure of Garantex?
The seizure was executed under a court directive from the U.S. Attorney’s Office for the Eastern District of Virginia, with ongoing investigations expected to be detailed soon. A spokesperson from the Secret Service confirmed that this operation is part of a broader inquiry into Garantex’s connections to organized crime.
How Did Tether’s Actions Impact Garantex?
Following the seizure, Tether took decisive action by freezing 28 million USDT linked to Garantex. The blocked wallets were reportedly tied to criminal activities, prompting Garantex to announce a temporary suspension of its services via Telegram. This freeze highlights the serious nature of the allegations surrounding the exchange.
Key findings from this situation include:
- Garantex is under investigation for alleged connections to criminal organizations.
- Tether’s freeze of assets has led to the temporary shutdown of Garantex’s operations.
- U.S. authorities are actively pursuing further details of the ongoing investigation.
The unfolding events signal a tightening grip on cryptocurrency exchanges linked to illegal activities, showcasing a collaborative effort among international bodies to combat financial crimes effectively. As investigations progress, more revelations about Garantex’s operations are anticipated.
