- Main Russian cryptocurrency site retained by the application of the law
- Garantex has been previously sanctioned by the EU and the United States
- The site supposedly had links to cyber crime and ransomware
The agencies for the application of the law around the world have joined to close the infamous exchange of Russian Russian Garantex cryptocurrencies, which was popular among cybercriminals, especially ransomware gangs, which often use cryptocurrency to wash money earned in rescue attacks.
The guarantex website was removed and replaced by a notice confirming the seizure, with the closure there is a few days after the EU sanctioned the site for being “closely associated with the Russian banks sanctioned by the EU.”
The United States Prosecutor’s Office for Eastern District of Virginia obtained an order of seizure for domain, which allowed the police to withdraw the website. Several agencies are accredited in the notice, including the United States Department of Justice, the Secret Service, the Finn Polyisi Keskusrikospoliisi and the German Bundeskriminalmt.
Cryptographic losses
The United States government also sanctioned Garantex in April 2022, after it was linked to dark criminal activities and web markets, including almost $ 6 million of the Russian Russian Pandilla Pandilla Conti.
Cryptocurrency is a popular tool for cybercriminals, since the coins are largely anonymous, impossible to track and not regulated, without server or central administrator. In fact, it has been reported that there were about $ 40 billion in illicit cryptographic transactions in 2024, and it is predicted that it will increase in 2025. Dr. Ilia Kolochenko, CEO of Immuniweb, explains;
“While some jurisdictions are voluntarily blind and easily close their eyes to certain types of illegal activities related to both cybercrime and money laundering, operating a fully functional cryptographic exchange of these” safe shelters “is practically impossible in the interconnected world.”
“The good news is that we will probably see even more successful cyber operations of the law enforcement agencies in 2025, while the bad news is that cybercriminals will certainly learn the lesson and very soon will resurrect with an even more resilient infrastructure to continue their businesses.”
Through Techcrunch
