Sanctioned Russian exchange Garantex is back in motion. Blockchain analytics firm Global Ledger has uncovered an on-chain payout infrastructure showing that the previously blacklisted platform has quietly resumed operations despite extensive law enforcement actions.
Garantex Moves Millions Through Hidden Channels
Global Ledger’s new investigation reveals that Garantex, whose servers were seized and whose operations were sanctioned by Western authorities, is once again transferring significant funds.
Analysts identified fresh Garantex-linked wallets on both Bitcoin and Ethereum holding more than $34 million in crypto. Of that amount, at least $25 million has already been distributed to former users, confirming the exchange’s renewed activity.
According to researchers, Garantex has rebuilt a payout system engineered to obscure financial trails. Funds are pushed into mixers like Tornado Cash, then moved through multiple cross-chain bridges spanning Ethereum, Optimism, and Arbitrum. From there, assets land in aggregation wallets before being disbursed to user payout addresses.
The investigation also notes that the majority of Ethereum holdings remain untouched, with over 88 percent still in reserve. This indicates that the payout process is only in its early stages.
A7A5 and Russia’s New Digital Trade Infrastructure
These findings emerge as Russia undergoes a major shift in its digital asset strategy. After calling for a sweeping crypto ban in early 2022, Russia reversed its stance by 2024 and began leaning on crypto to sustain trade under sanctions.
President Vladimir Putin has backed a new payments network called A7, which launched the rouble-pegged stablecoin A7A5 in early 2025. The token connects traditional finance with digital rails and, according to Chainalysis, has already processed more than $87 billion in trade volume.
Russian companies now use A7A5 to convert rubles into USDT, enabling cross-border payments even when banks decline transactions linked to Russian entities.
A Parallel System Taking Shape
The Global Ledger report shows that while Russia builds state-backed crypto networks like A7A5 to keep commerce flowing, private actors like Garantex are also evolving. Rather than disappearing, Garantex has restructured itself to continue moving money through methods that resemble the country’s newer digital systems.
Taken together, these developments highlight a growing trend. Nations and sanctioned entities are increasingly using crypto-based infrastructures to skirt country-specific restrictions and weaken traditional financial pressure tools.
