The sanctioned Russian exchange Garantex is quietly moving money again, as revealed by an on-chain payout structure discovered by blockchain analysis firm Global Ledger.
The forensic evidence confirmed that Russian parties have rebuilt a functioning payout system despite efforts from law enforcement.
Garantex quietly moves millions
New research from Global Ledger shows that Garantex, a Russian crypto exchange previously affected by Western sanctions and a server seizure, is still able to move large amounts of money.
Researchers discovered new Garantex-affiliated wallets on Bitcoin and Ethereum, which together contain more than $34 million in cryptocurrency. At least $25 million has already been paid out to former users. These movements confirm that the operation is active despite international pressure to stop it.
Global Ledger stated that Garantex uses a payout system designed to keep cash flows hidden. The exchange moves its reserves to mixing services like Tornado Cash, which conceal the origin of the funds.
The money is then routed through various cross-chain tools. These help in moving funds between networks like Ethereum, Optimism, and Arbitrum. Ultimately, the funds end up in aggregation wallets, after which the money is redistributed to individual payout wallets.
The research shows that the majority of the Ethereum reserves remain untouched. Over 88% of the ETH linked to Garantex is still in reserves, indicating that only the first part of the payouts has begun.
The findings in the Global Ledger report fit into a broader change in the financial system in Russia.
How Russia uses A7A5 to keep trade alive
Russia has begun to handle digital assets in a notably different way.
In early 2022, the Russian Central Bank proposed a complete ban on cryptocurrencies, viewing them as a threat to financial stability. By 2024, the country had reversed this stance and crypto was used to support trade under sanctions.
President Vladimir Putin personally supports a new payment system called A7.
A7 launched a stablecoin backed by the ruble, called A7A5, in early 2025. This token allows money to be moved to and from the regular financial system. According to Chainalysis, over $87 billion has already been traded with this stablecoin.
Russian companies use A7A5 to convert rubles to USDT. This allows Russian businesses to continue cross-border payments, even if banks refuse to process transactions to Russia.
As Russia works on a financial system that is no longer reliant on Western channels, the findings of Global Ledger add an important layer: they show that Garantex has not disappeared.
Instead, Garantex has adjusted its operations and is moving money through structures resembling new, state-backed systems.
All together, the evidence shows how countries are developing new crypto-based payments that allow them to evade national sanctions and undermine traditional forms of foreign pressure.
