The sanctioned Russian exchange Garantex is now moving money again, according to a new on-chain analysis discovered by the blockchain company Global Ledger.
The evidence shows that Russian actors have built up a new functioning payout system despite efforts from authorities.
Garantex quietly moves millions of USD
A new survey from Global Ledger shows that Garantex, a Russian crypto exchange that was previously affected by Western sanctions and had servers seized, is still handling large sums of money.
Researchers have found new wallets linked to Garantex on Bitcoin and Ethereum. Together they hold over 34 million USD in cryptocurrency. At least 25 million USD has already been paid out to previous users. These movements confirm that the operation is active despite international pressure to shut it down.
Global Ledger explains that Garantex operates a payout system that attempts to disguise the flow of money. The exchange transfers its reserves to mixing services like Tornado Cash, which mixes the money and makes the source difficult to trace.
Money passes through several so-called cross-chain tools. They enable the transfer of assets between different networks, such as Ethereum, Optimism, and Arbitrum. Eventually, the money is collected in large wallets, and then paid out to various payout wallets.
The investigation also showed that the majority of Ethereum's reserves are still untouched. Over 88% of ETH linked to Garantex remains in reserve, so only the first payout phase has begun.
Global Ledger's findings are part of a broader change in Russia's financial system.
How Russia uses A7A5 to keep trade going
Russia has changed its stance regarding digital assets.
In early 2022, Russia's central bank proposed a ban on cryptocurrencies, calling them a threat to financial stability. But by 2024, the country changed its position and began using crypto to support trade despite sanctions.
President Vladimir Putin has also endorsed a new payment network called A7.
A7 launched a ruble-backed stablecoin called A7A5 in early 2025. This token enables the movement of money in and out of the traditional financial system. According to Chainalysis, it has already been used for more than 87 billion USD in trade.
Russian companies use A7A5 to exchange rubles for USDT. This allows Russian businesses to continue making payments across borders even when banks refuse to send money linked to Russia.
While Russia is trying to build a financial system that is not dependent on Western channels, Global Ledger's report shows that Garantex is still present.
Therefore, the exchange has adapted its operations and continues to move money through systems similar to the new state-backed networks.
Together, the evidence shows that an increasing number of countries are creating cryptocurrency-based payment systems that circumvent country-specific sanctions. This reduces the effect of traditional sanctions and increases the possibilities for external influence.
