🚨🚨Blacklisted Garantex Exchange Resurfaces with $34M in Bitcoin and Ethereum 🚨🚨
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Garantex, a Russian crypto exchange blacklisted for enabling illicit finance, has rebuilt its payout system and resumed moving funds despite server seizures and asset freezes. The exchange accumulated over $34 million in Bitcoin and Ethereum wallets, with at least $25 million already paid out to former users. This development raises concerns for regulators, as Garantex's wallets are linked to top Centralized Exchanges (CEXs) on CoinMarketCap, indicating continued access to mainstream financial infrastructure.
🔹Key Findings:
- Garantex's Wallets : New Bitcoin and Ethereum wallets hold over $34 million, with 88% of Ethereum reserve untouched.
- Payout System : $25 million in crypto paid out to former users, showcasing deliberate effort to preserve liquidity.
- Regulatory Concerns : Linkage to mainstream CEXs introduces vulnerability for compliant exchanges and challenges regulatory enforcement.
✍️Russia's Crypto Strategy:
Experts suggest Russia is using crypto to build a shadow financial system, evading sanctions and challenging Western dominance. Garantex's model has evolved into a decentralized sanctions-evasion-as-a-service platform, utilizing Telegram workflows and agency contracts.
