The U.S. Secret Service just took down Garantex, a Russian cryptocurrency exchange linked to massive money laundering operations. This is a big move in the global effort to tackle cybercrime. In collaboration with law enforcement from countries like Germany, Finland, and Estonia, the Secret Service made sure Garantex’s websites, including Garantex.org and Garantex.io, are offline now, showing a takedown notice.
Authorities allege that since its launch in 2019, Garantex processed over $96 billion in transactions. A significant chunk of that, they say, came from hackers, drug traffickers, and terrorist organizations. Michael Centrella, an assistant director at the Secret Service, pointed out that shutting down Garantex and freezing over $26 million in cryptocurrency represents a serious hit to global cybercriminals.
Two men are at the center of this case: Aleksej Besciokov, a Lithuanian living in Russia, and Aleksandr Mira Serda, a Russian national. Both face serious charges, including conspiracy to launder money. Besciokov is also in trouble for violating sanctions and running an unlicensed money business. Court documents reveal that they knowingly assisted criminals in moving funds through Garantex and even tried to mislead authorities, including providing false information to Russian police about one account.
Garantex is not new to controversies. Back in 2022, the U.S. Treasury put sanctions on the exchange, connecting it to the infamous Conti ransomware group and the now-defunct Hydra darknet market. Despite these warnings, Garantex kept operating, frequently changing wallet addresses to avoid detection and even servicing U.S. customers, defying its blacklist.
Recently, Tether, a major stablecoin issuer, froze $28 million worth of its tokens linked to Garantex. Shortly after, Garantex announced on Telegram that they would suspend all operations, including withdrawals, telling users, “We have bad news. We are fighting and will not give up!”
Experts in law enforcement and cybersecurity see this operation as a significant win against illicit cryptocurrency activities. Centrella noted that this action deals a tough financial blow to cybercriminals globally, and TRM Labs, a blockchain analysis firm, described the seizure as a key milestone in the fight against crypto-related crime.
