The sanctioned Russian exchange Garantex has resumed the movement of funds. Transfers were detected by the analytical blockchain company Global Ledger.
The collected digital certificates confirm that Russian operators, despite the resistance of law enforcement agencies, have managed to restore a functioning system for making payments.
Russian cryptocurrency exchanges - overview and prospects
On-chain payout architecture of Garantex
A new study by Global Ledger demonstrates that the Russian cryptocurrency exchange Garantex, previously subjected to Western sanctions and facing server seizures, is still capable of operating with significant sums of money.
Researchers have discovered new wallets associated with Garantex in the Bitcoin and Ethereum networks, which collectively hold cryptocurrency worth over $34 million. Of this, at least $25 million has already been paid out to former users. The transactions serve as confirmation that operational activities continue, despite international pressure aimed at halting it.
Global Ledger explained that Garantex uses a payout system designed to conceal cash flows. The exchange transfers its reserves into mixers like Tornado Cash, which obfuscate transactions to mask their origin.
Subsequently, funds are routed through a series of inter-network tools. They facilitate the transfer of assets between different blockchains, including Ethereum, Optimism, and Arbitrum. Ultimately, transfers are accumulated in aggregation wallets, from which funds are distributed to individual addresses for payouts.
The investigation also found that the majority of reserves in Ethereum remain untouched. More than 88% of ETH associated with Garantex is still in reserve.
Transformation of Russia's financial policy
Russia is changing its approach to digital assets. In early 2022, the Central Bank of Russia proposed a complete ban on cryptocurrencies, characterizing them as a threat to financial stability. However, by 2024, the government's position radically changed, and digital assets began to be used to support trade operations under sanctions.
President Vladimir Putin also personally supported the new payment network called A7.
In early 2025, within the framework of the A7 project, the stablecoin A7A5, backed by the ruble, was launched. The token facilitates the movement of capital between the traditional financial system and the crypto industry. According to Chainalysis, the volume of trading operations using it has already exceeded $87 billion.
Russian companies use A7A5 to convert rubles to USDT. This approach allows them to make cross-border payments even in situations where banks refuse to process transfers related to the Russian Federation.
Earlier, BeInCrypto reported that in Russia, according to the Central Bank, all necessary conditions for working with cryptocurrency have been created.
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