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Global law enforcement agencies have conducted a major crackdown on Garantex, a Russian cryptocurrency exchange linked to illicit activities. Authorities from the U.S., Europe, and other regions targeted the exchanges operations. The operation prompted Tether to freeze nearly $28 million in cryptocurrency wallets which led to suspension of its services. U.S and E.U Crackdown on […]
Great news for crypto enthusiasts! Garantex, a sanctioned cryptocurrency exchange, has recently unveiled its new platform called Grinex. This move follows sanctions imposed by the Russian government on Garantex, forcing the exchange to adapt and launch a reboot in the form of Grinex. The decision to launch Grinex comes as a strategic response to the [...]
The post Garantex Crypto Exchange Moves Millions as It Reboots Platform: A Look Inside appeared first on Crypto Breaking News.
Authorities in India have apprehended Aleksej Besciokov, the alleged co-founder of Garantex, a cryptocurrency exchange reportedly implicated in extensive money laundering activities (MLA).” $60 Billion In Transactions Linked To Criminal Activity Besciokov, a 46-year-old Lithuanian national, was reportedly arrested while vacationing with his family in Varkala, a coastal city in the Indian state of Kerala. His arrest comes after an indictment unsealed by the US Department of Justice (DOJ) on March 7. The DOJs indictment charges Besciokov and his co-founder, 40-year-old Aleksandr Mira Serda, a Russian national residing in the United Arab Emirates, with conspiracy to commit money laundering. Related Reading: This Is The Last Opportunity To Buy Dogecoin Relatively Cheap, Predicts Analyst Garantex, which launched in 2019, was sanctioned by the US Treasury’s Office of Foreign Assets Control in April 2022 for its role in facilitating the movement of criminal proceeds. Reports indicate that the exchange has processed over $60 billion since sanctions were imposed, raising significant concerns regarding its operations. According to the blockchain analysis firm Elliptic, Garantex has been involved in various forms of unlawful activity, including facilitating ransomware attacks, drug trafficking, and evading sanctions imposed on Russian elites. The firm noted that the exchange has enabled Russian oligarchs to transfer their wealth abroad, particularly following the invasion of Ukraine. DOJ Alleges Garantex Co-Founder Operated Under Hacker Alias “Proforg” The US Department of Justice also alleges that Besciokov served as Garantexs primary technical administrator, responsible for maintaining critical infrastructure and approving transactions. In conjunction with the indictment, German and Finnish law enforcement agencies seized servers that hosted Garantexs operations, and US authorities have frozen over $26 million linked to the exchange’s money laundering activities. In a notable twist, Besciokov is said to have operated under the hacker handle proforg, a nickname associated with a long-running Russian-language forum known for its explicit content. The charges against him include conspiracy to violate the International Economic Emergency Powers Act, which carries a maximum sentence of 20 years in prison, and conspiracy to operate an unlicensed money transmitting business, which could lead to an additional five years of imprisonment. Related Reading: Bitcoin Price Risks Further Crash As S&P Monthly LMACD Turns Bearish, Why Bulls Have Only 20 Days Besciokov is scheduled to appear in a Delhi court on March 14, where he will face these serious charges. If found guilty of any offenses alleged, he will forfeit to the United States any propertywhether real or personalthat was involved in the commission of the offense or any property traceable to such assets. Furthermore, if convicted of the offense detailed in Count II of the indictment, Besciokov will also forfeit any property that constitutes or is derived from proceeds traceable to the offense. Featured image from DALL-E, chart from TradingView.com
India Takes Action: Aleksej Besciokov of Garantex Arrested In a recent development in India, authorities have taken action by arresting Aleksej Besciokov, the CEO of Garantex. This move comes as part of a larger crackdown on cryptocurrency-related activities in the country. The arrest of Besciokov is a significant step towards regulating the crypto industry in [...]
The post Indian Authorities Arrest Alleged Garantex Founder for Extradition to the US appeared first on Crypto Breaking News.
Authorities from the U.S., Germany, and Finland have dismantled the Russian crypto exchange Garantex, seizing domains and freezing illicit funds in a significant blow to the cybercrime economy. (Read More)
An investigation into digital asset exchanges in the Russian capital has established that some of them are ready to buy digital coins and deliver paper money in the U.K. The transfer of funds does not usually involve the identification of the clients, Transparency International Russia reveals in a report. Russia-based Cryptocurrency Exchanges Swap Stablecoins for [...]
The post Moscow City Crypto Exchanges Ready to Send Cash to London, Report appeared first on Crypto Breaking News.
Stolen loot crypto from Atomic wallets has started passing through sanctioned Russian-based exchange Garantex, according to Elliptic.
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