- US offers $6M bounty for leaders of Garantex.
- Treasury sanctions Russian crypto exchange and alleged successor platform.
- Investigators link $96B in transactions to criminal organizations.
US authorities have launched a coordinated strike against Garantex, a Russian-operated cryptocurrency exchange accused of processing billions in illicit transactions. According to officials, the platform has been linked to laundering proceeds from hacking, ransomware attacks, and terrorism financing.
The State Department has awarded up to $6 million as a reward for the exchange’s leadership. This includes a $5 million reward for Russian national Aleksandr Mira Serda, while an additional $1 million is earmarked for other senior members. People have been encouraged to communicate with the US Secret Service in secure channels in case they have credible leads.
Sanctions Target Garantex and Alleged Successor
The Treasury Department’s Office of Foreign Assets Control has re-designated Garantex and sanctioned Grinex, which investigators allege was created to bypass restrictions. The sanctions also targeted three executives and six of their companies based in Russia and Kyrgyzstan, and disconnected them from the US financial network.
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Investigators estimate that between April 2019 and March 2025, Garantex handled at least $96 billion in cryptocurrency. A large portion of this activity is assumed to be connected to criminal organizations operating in the territory of several countries.
According to the officials, the action against both Garantex and its successor is a systematic effort to prevent the re-emergence of sanctioned entities under different names. This would be done to close down financial channels through which illicit actors transfer money without checks.
Part of Expanding US Offensive on Crypto Crime
The measures against Garantex are part of a broader strategy to block the use of cryptocurrency for transnational crime. US agencies are intensifying efforts to dismantle digital networks that enable anonymous, rapid, and unregulated transfers.
Authorities have warned that any exchange facilitating illegal activity will face the same aggressive sanctions. New platforms replacing sanctioned entities are expected to be swiftly targeted to prevent criminals from evading enforcement.
By combining financial sanctions with multi-million dollar rewards, US officials are reinforcing their commitment to dismantling illicit crypto operations and holding those involved accountable.
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