Following the freezing of $26 million in assets from the crypto exchange Garantex, over $15 million worth of unfrozen assets remain active or quietly stored.
Overall State of Garantex Assets
According to a recent report by Global Ledger, over $15 million in cryptocurrencies remain unfrozen. These assets are distributed across Ethereum, Bitcoin, and BNB Chain, with some already moved to different wallets following the freezing implemented by the U.S.
Overview of Maneuvers on Ethereum and Bitcoin
Transaction analysis revealed that following the sanctions announcement, a previously dormant Ethereum wallet associated with Garantex became active again. Shortly after, over $2.25 million worth of ETH was sent through Tornado Cash, raising suspicions of money laundering. Similarly, Bitcoin networks have shown analogous asset movements, including transfers to the TRON network.
Challenges in Enforcing Sanctions on BNB Chain
On the BNB Chain, the situation is different, as Tether cannot freeze assets there. With an estimated $4 million untapped, no movements have been recorded since the introduction of sanctions. Current limitations on BNB Chain create enforcement challenges, raising questions about the efficacy of controlling multi-chain assets.
The overall amount of Garantex assets, estimated to be over $15 million, remains out of reach of U.S. sanctions. This highlights ongoing issues with multi-chain enforcement that require new approaches to crypto asset regulation.
