Global Ledger blockchain analysis company discovers that the Russian exchange Garantex, despite being sanctioned and having its servers seized, is quietly resuming operations. An investigation shows that wallets associated with Garantex on Bitcoin and Ethereum hold over $34 million, with at least $25 million already paid out to former users. The exchange uses Tornado Cash and various cross-chain tools to conceal fund flows before distributing to payout wallets. Over 88% of ETH reserves remain unused, indicating that payout processes are just beginning.
This discovery occurs against the backdrop of Russia accelerating the development of a digital asset-based payment system. The stablecoin A7A5, launched in 2025, has supported transactions exceeding $87 billion, helping Russian businesses convert rubles to USDT to sustain trade under sanctions. Signs indicate that Garantex has adapted and continues to operate despite international pressure.
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