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9h ago

U.S. Expands Sanctions on Garantex Network and Grinex, Offers $6 Million Rewards

Treasury cited evidence of tens of billions in ruble-backed stablecoin flows, financing ransomware, evading sanctions.

U.s. blacklists crypto network behind ruble backed stablecoin and shuttered exchange garantex
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Overview

  • On August 14, OFAC re-designated Garantex and sanctioned its successor Grinex alongside three executives and six affiliated firms in Russia and Kyrgyzstan.
  • The State Department is offering up to $6 million through its Transnational Organized Crime Rewards Program for information leading to arrests or convictions of Garantex leaders.
  • U.S. Secret Service and FBI investigations remain active after a March operation froze $26 million in crypto and led to indictments and one executive’s arrest in India.
  • Blockchain analytics firms say the ruble-pegged A7A5 stablecoin, issued by Kyrgyz intermediaries, processed about $1 billion daily to facilitate ransomware financing and sanctions evasion.
  • The measures form part of a coordinated international effort that uses asset freezes, indictments and sanctions to dismantle crypto rails used by cybercriminals.