The U.S. Secret Service, along with several international agencies, has seized the website of the Russian crypto exchange Garantex due to alleged fraudulent activities and darknet associations.
Details of the Garantex Domain Seizure
The official Garantex webpage was replaced with a notice about the domain's seizure by the U.S. Attorney’s Office for the Eastern District of Virginia. The operation involved the FBI, Europol, and other international entities. The Garantex domain now points to a Secret Service server also posting seizure notices for other confiscated sites.
Sanctions and Their Consequences
Russia and its crypto market have been under pressure from Western sanctions. The European Union and the U.S. Treasury previously sanctioned Garantex for ties with Russian banks and criminal groups like Conti and Hydra. Tether also froze $27 million in USDT assets on Garantex platforms, leading to a suspension of exchange operations, including crypto withdrawals.
Reactions and Future Developments
Despite the exchange’s closure, statements emphasize that this isn't the last instance of Western pressure on the Russian crypto market. Garantex’s Telegram channel has mentioned the threat to all Russian USDT wallets but also affirmed the platform's resolve to keep fighting.
The seizure of the Garantex website and Tether's asset freeze significantly impact the Russian crypto market, underlining the risks of reliance on international platforms and sanction measures.
