Sanctioned Russian exchange Garantex is quietly moving funds again, according to an on-chain payout structure uncovered by blockchain analysis firm Global Ledger.
The forensic evidence confirms that Russian actors have rebuilt a functioning payout system despite efforts from authorities.
Garantex is quietly moving millions
A new investigation by Global Ledger reveals that Garantex, a Russian cryptocurrency exchange previously hit by Western sanctions and a server seizure, is still managing to move large sums of money.
Researchers have discovered new Garantex-associated wallets on Bitcoin and Ethereum that 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 shut it down.
Global Ledger explained that Garantex operates a payout system designed to conceal the flow of money. The exchange transfers its reserves to mixing services like Tornado Cash, which blend the funds to hide their origin.
The money is then routed through a series of cross-chain tools. These enable the transfer of assets between networks, including Ethereum, Optimism, and Arbitrum. These transfers ultimately end up in aggregation wallets, from which the funds are distributed to individual payout wallets.
The investigation also revealed that most of Ethereum's reserves remain untouched. More than 88% of ETH associated with Garantex remains in reserve, indicating that only the first phase of disbursements has started.
The findings in the Global Ledger report are part of a broader transformation of Russia's financial system.
This is how Russia uses A7A5 to keep trade alive
Russia has made a remarkable shift in its approach to digital assets.
Early in 2022, the Russian central bank proposed a total ban on cryptocurrencies and described them as a threat to financial stability. By 2024, the country had reversed its stance and began using crypto to support trade under sanctions.
President Vladimir Putin has also personally supported a new payment network called A7.
A7 launched a ruble-based stablecoin called A7A5 at the start of 2025. This token enables capital flow in and out of the conventional financial system, and according to Chainalysis, it has already supported more than $87 billion in trading activity.
Russian companies are using A7A5 to convert rubles to USDT. This enables Russian businesses to continue cross-border payments even when banks refuse to carry out transfers related to Russia.
While Russia works to build a financial system that is no longer dependent on Western channels, the findings from Global Ledger add an important new layer by showing that Garantex has not disappeared.
Instead, the company has adapted its operations and continues to move money through structures that mirror more recent government-supported systems.
Overall, the evidence shows how states are developing new crypto-based payment systems that circumvent country-specific sanctions and undermine traditional forms of external pressure.
