The sanctioned Russian exchange Garantex is quietly moving funds through an on-chain withdrawal structure revealed by the blockchain analysis firm Global Ledger.
Scientific evidence suggests that individuals from the Russian side have rebuilt a functioning withdrawal system despite law enforcement.
Garantex, transferring millions of dollars
According to a new investigation by Global Ledger, the Russian cryptocurrency exchange Garantex is still moving large sums of money despite previously being subjected to Western sanctions and server seizure measures.
Researchers discovered new wallets linked to Galantex on Bitcoin and Ethereum, which collectively hold more than $34 million in cryptocurrency. At least $25 million has already been paid to previous users. This movement demonstrates that operations continue despite the closed pressures from the international community.
Global Leisure described that Galantex operates a withdrawal system designed to hide the flow of funds. The exchange moves funds to mixing services such as Tornado Cash, confusing the source of the funds.
Subsequently, the funds are passed through a series of cross-chain tools. These tools help facilitate asset movement across several networks, including Ethereum, Optimism, and Arbitrum. Through this movement, funds reach a pooled wallet, which is then distributed to individual withdrawal wallets.
The investigation revealed that most of the Ethereum deposits remain untouched. More than 88% of ETH associated with Galantex is still intact, indicating that only the initial stages of payout have begun.
The survey results of the global leisure report are situated amidst extensive changes in the Russian financial system.
Russia maintains trade with A7A5
Russia has made a significant shift in its approach to digital assets.
In early 2022, the Central Bank of Russia proposed a complete ban on cryptocurrencies, describing it as a threat to financial stability. However, in 2024, it reversed its position and began using cryptocurrencies to support trade under sanctions.
President Vladimir Putin also directly supported a new payment network called A7.
A7 launched the ruble-based stablecoin A7A5 in early 2025. This token facilitates the flow of funds both within and outside the traditional financial system, having already supported transactions exceeding $87 billion, according to Chainalysis.
Russian companies use A7A5 to convert rubles to USDT. This allows Russian companies to continue cross-border payments even when banks refuse Russian-related remittances.
As Russia builds a financial system that no longer relies on Western channels, Global Leisure's findings indicate that Galantex has not disappeared, adding important implications.
Rather, Galantex is continuously moving funds through a structure that mimics a new state-led system by transforming its operational methods.
Overall, this evidence shows that countries are developing their own cryptocurrency-based payment structures to evade sanctions applicable to individual nations and mitigate existing external pressures.
