US Cracks Down: Sanctions Hit Russian Crypto Exchanges Garantex and Grinex for $100M in Illicit Transactions

The U.S. government has intensified its crackdown on cybercrime by imposing sanctions on Russian cryptocurrency exchanges Garantex and its successor, Grinex. This coordinated action, led by the Treasury Department, aims to disrupt illicit financial flows linked to ransomware and other cybercriminal activities, including a significant $100 million in crypto transactions.

Key Takeaways

• Sanctions Imposed: Garantex and Grinex, along with key executives and affiliated companies, have been sanctioned by the U.S. Treasury.

• Illicit Transactions: The exchanges are accused of facilitating over $100 million in cryptocurrency transactions linked to ransomware, darknet markets, and terrorism financing.

• Bounty Offered: A $6 million reward is available for information leading to the arrest of Garantex's leadership.

• Successor Platform: Grinex is believed to have been created to evade sanctions and continue Garantex's illicit operations.

Crackdown on Cybercrime

The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has targeted Garantex and Grinex for their role in processing substantial amounts of cryptocurrency tied to illegal activities. Since 2019, Garantex has allegedly processed over $96 billion in crypto transactions, with a significant portion linked to ransomware schemes, hacking operations, and terrorism financing. The sanctions extend to three top executives and six associated companies based in Russia and Kyrgyzstan, aiming to sever financial channels used by criminal networks.

Garantex's Alleged Illicit Activities

Garantex was first sanctioned in April 2022 for facilitating transactions from darknet markets like Hydra and Conti. Despite a coordinated law enforcement operation in March 2025 that saw its website seized and co-founder arrested, Garantex is believed to have rebranded as Grinex to circumvent sanctions. TRM Labs reported that Grinex, with a nearly identical interface and registered in Kyrgyzstan, continued to process over $100 million in transactions, with 82% of its volume linked to sanctioned entities worldwide.

The exchange is accused of laundering funds for ransomware variants including Conti, Black Basta, LockBit, NetWalker, and Phoenix Cryptolocker. Furthermore, Garantex allegedly worked with affected customers to access funds using the A7A5 token, a ruble-backed stablecoin issued by Kyrgyzstani firm Old Vector, which has facilitated billions in cross-border transactions.

International Cooperation and Rewards

The U.S. Department of State has announced a $5 million reward for information leading to the arrest of Aleksandr Mira Serda, a co-founder of Garantex, and an additional $1 million for other key leaders. This initiative underscores a broader strategy to dismantle illicit crypto infrastructure through a combination of sanctions and financial incentives. International law enforcement agencies, including those in Germany and Finland, have also participated in efforts to seize Garantex's assets and domains.

Message to the Crypto World

These actions send a clear message that the U.S. will not tolerate the abuse of the digital asset industry to support cybercrime and sanctions evasion. The Treasury emphasized that exploiting cryptocurrency exchanges for illicit purposes threatens national security and damages the reputation of legitimate virtual asset service providers. The crackdown highlights the increasing importance of blockchain analysis in tracing illicit financial activity and signals a firm stance against the use of cryptocurrency for criminal enterprises.

As cyber threats become increasingly sophisticated, your security strategy must evolve to keep pace. BetterWorld Technology offers adaptive cybersecurity solutions that grow with the threat landscape, helping your business stay secure while continuing to innovate. Reach out today to schedule your personalized consultation.

Sources

• U.S. Sanctions Russian Crypto Platforms Garantex and Grinex in Cybercrime Crackdown, AInvest.

• U.S. Sanctions Garantex and Grinex Over $100M in Ransomware-Linked Illicit Crypto Transactions, The Hacker News.

• U.S. Sanctions Garantex Again Over $100M in Illicit Crypto Transactions, AInvest.

• Treasury crushes crypto exchange washing $100M dirty money, Rolling Out.

• U.S. Imposes Sanctions on Garantex and Offers $6 Million Bounty for Leadership Arrest, AInvest.