The American treasure has just brought a crushing blow to cybercriminals who thought they could hide behind the cryptocurrency exchanges. The Office of Foreign Assets Control has criticized the sanctions against Guarantex Europe, a cryptographic platform that washes dirty money for ransomware gangs and other digital criminals since 2019.
It is not only another regulatory slap on the wrist. We are talking about an crypto exchange operation sanctions for treasury sanctions which has treated more than $ 100 million in transactions linked to some of the most nasty cybercriminal organizations on the planet.
Guarantx becomes the favorite cybercriminal silver laundry
Here is how deep this rabbit terrier is: Garantex did not just accidentally allow some bad transactions. Exchange has actively become the essential destination of criminals that seek to clean their digital dirty money. Founded at the end of 2019 and initially recorded in Estonia, the platform led most of its dark operations in Moscow and Saint Petersburg.
The figures tell a shocking story. The analysis shows that more than $ 100 million in known guarantee transactions connect directly to illicit players, including Darknet markets and ransomware groups that have terrorized companies around the world. This treasure sanctions the target crypto exchange action an operation that maintains represents hundreds of thousands of users while knowingly facilitating criminal activity.
The financial intelligence unit of Estonia has already spotted the red flags in 2022, the judgment of the Garantex license after discovering anti-white-white critical deficiencies and connections with criminal portfolios. But instead of cleaning their act, the exchange doubled the criminals in service.
Ransomware gangs have found their perfect partner
The most disturbing aspect of this Crypto Exchange Crypto Exchange case consists of direct connections to notorious ransomware operations. Guarantx has received millions of dollars of cryptocurrency directly from attacks involving Conti, Black Basta, Lockbit, Netwalker and Phoenix Cryptolocker Ransomware Variants.
It is not hacks of small times working from basements. We are talking about sophisticated criminal organizations that have paralyzed hospitals, closed pipelines and organized whole hostages for digital ransom payments. Guarantx provided the essential service that these groups needed – a way to convert their cryptocurrency stolen into usable funds.
The exchange also offered services to the actors connected to the Gang Ryuk Ransomware, another group responsible for devastating attacks on critical infrastructure. When the criminals had to move money quickly and quietly, Guarantx was there to help.
International law enforcement fee
This treasure sanctions the Crypto exchange action represents only one element of a massive international effort to dismantle cybercriminal infrastructure. The American secret services have teamed up with the application of German and Finnish law to enter the Garantex web field and freeze more than $ 26 million in cryptocurrency controlled by exchange.
The Ministry of Justice has no accusation acts against the key executives of Guarantx, Aleksandr Mira Serda and Aleksej Bisciokov. Following the accusation acts, Bisciokov was arrested in India, showing how international cooperation can reach cybercriminals wherever they try to hide.
The Ministry of State has softened the agreement with the award offers up to $ 5 million for information leading to the arrest and the conviction of Mira Serda, plus up to $ 1 million for other key guarantors. These are not symbolic gestures – these are serious bonuses that demonstrate how the authorities want these cybercriminal catalysts to court.
Grinex appears as the shameless successor of Garantex
Here is where the story of the crypto exchange sanctions the treasure becomes even more cheeky. Instead of closing after being struck by sanctions and law enforcement actions, Guarantx managers simply created a new exchange called Grinex to continue their criminal operations.
Grinene’s promotional documents openly admit that the exchange has been trained in response to sanctions and assets frost affecting Gassortex. Since its creation, this successor platform has facilitated billions of dollars in cryptocurrency transactions, showing how determined these operators are to continue to serve criminals.
The treasure did not fall for this shell game. Today’s sanctions specifically target Grinene in the context of Guarantsex Sanctions scheme of escape, as well as several Russian and Kyrgyzstani companies which supported the operation.
Web exposed criminal partnerships complex
This survey on the exchange of cryptocurrency of the treasury sanctions revealed a sophisticated network of partnerships designed to maintain criminal money. Guarantx worked with entities like A7 Limited Liabibility Company, a Russian company providing cross -border settlement platforms specifically for escape sanctions.
The criminals even created a special token called A7A5 to help GuaRotex customers who lost access to their funds after the actions of the police. This digital asset supported by the ruble was designed by the Kirghizstani Old Vector firm working directly with Guarantx to maintain criminal operations despite international pressure.
Key frames like Sergey Mendeleev, Aleksandr Mira Serda and Pavel Karavatsky played a crucial role in the construction and maintenance of this criminal infrastructure. Their Companies Indi Bank and expired specifically helped users to buy virtual currencies from Garantex and facilitated cryptocurrency transactions designed to overthrow American sanctions.
Message sent to cryptographic criminals around the world
This treasure sanctions the Crypto Exchange action sends an unmistakable message to anyone who plans to use digital assets for criminal purposes. The days to hide behind supposedly anonymous cryptocurrency transactions are over.
The Treasury Department clearly indicated that it would not tolerate the abuse of the digital asset industry to support cybercrime and escape sanctions. The exchanges of legitimate cryptocurrency now have a clear example of what is happening when the platforms choose to serve criminals instead of following the law.
Financial institutions and other entities that engage with the exchanges of sanctioned cryptography are faced with serious consequences, in particular potential sanctions or application measures themselves. The risks of working with platforms adapted to criminals now prevail over potential profits.
Digital assets are faced with responsibility accounts
While innovation in digital assets continues, this treasure sanctions the case of Crypto exchange proves that cryptocurrency cannot remain a border without law for criminals. The combination of the advanced blockchain analysis, the international cooperation in the application of laws and serious financial penalties fill the gap that criminals have once exploited.
The ultimate objective is not to punish the entire cryptocurrency industry, but to force positive changes in the behavior that protect legitimate users while cutting criminal access. The exchanges which choose to serve ransomware gangs and other cybercriminals will be faced with the total weight of international efforts to apply the law.
