It has emerged that the sanctioned Russia-based cryptocurrency exchange Garantex is quietly transferring funds again. The on-chain payment architecture discovered by blockchain analysis company Global Ledger reveals this activity.
The judicial review confirmed that Russian players managed to establish a functioning payment system despite all the pressures from security forces.
Garantex Quietly Transferred Millions of Dollars
According to a new study by Global Ledger, Garantex, a Russia-based cryptocurrency exchange, continues to transfer large amounts of money despite previously facing Western sanctions and server seizures.
Researchers have detected new wallets linked to Garantex on the Bitcoin and Ethereum networks. These wallets hold over 34 million dollars in cryptocurrency in total. At least 25 million dollars of this amount has been paid to former users. This activity indicates that the operation is still active despite international closure pressures.
According to Global Ledger's statement, Garantex has established a payment system aimed at concealing the flow of money. By transferring exchange reserves to mixing services like Tornado Cash, it hides the source of funds.
Subsequently, money is transferred through various cross-chain tools. These bridges allow for transfers between Ethereum, Optimism, and Arbitrum networks. Eventually, these funds accumulate in collection wallets, from which they are distributed to individual payment wallets.
The research also revealed that a large portion of the Ethereum reserves linked to Garantex remains untouched. More than 88% of Garantex's ETH reserves are still held. This indicates that only the initial phase of payments has begun.
The findings in the Global Ledger report are part of a larger transformation occurring in Russia's financial system.
How is Russia using A7A5 for the Continuation of Trade?
Russia has made a notable policy shift in its approach to digital assets.
At the beginning of 2022, the Central Bank of Russia proposed a complete ban on cryptocurrencies, viewing them as a threat to financial stability. However, by 2024, the country completely reversed this stance and began using cryptocurrencies to support trade under sanctions.
President Vladimir Putin personally supported a new payment network called A7.
A7 launched a stablecoin called A7A5, based on the ruble, right at the beginning of 2025. This token facilitates the inflow and outflow of money in the classic financial system. According to Chainalysis, it has already supported over 87 billion dollars in trading volume to date.
Russian companies can exchange their rubles for USDT using A7A5. This allows Russian firms to make cross-border payments even in situations where banks refuse to process Russia-related transfers.
As Russia attempts to create a new financial system that is not reliant on Western financial channels, the findings of Global Ledger clearly show that Garantex has not disappeared.
On the contrary, Garantex has adapted its activities and continues to move money through structures resembling state-supported new financial systems.
All these findings reveal that countries are developing new crypto-based payment systems that bypass country-specific sanctions and weaken traditional external pressure tools.
