Russia’s Garantex suspends all operations as Tether freezes $28m in USDT

The Crypto Exchange punished Guarantx closed its services shortly after Tether froze nearly $ 2.5 billion in USDT in Russian rubles.

RussiaThe largest and sanctioned cryptocurrency exchange guarantee temporarily closed all its services after Attached frozen more than 2.5 billion rubles of the USDT.

“Dear users!” We have bad news, ”said Guarantx in a March 6 statement On Telegram. “Tether waged war against the Russian cryptography market and blocked our portfolios for more than 2.5 billion rubles.” The exchange announced that it “temporarily suspended all the services, including the withdrawals of cryptocurrency”, while his team works to solve the problem. “We are fighting and will not give up!” He added.

Guarantx also warned Russian users that “all USDT in Russian wallets are now in danger”. At the time of the press, Tether did not make any public declaration in moving. The Stablecoin transmitter had previously to be meticulous for its transactions with entities linked to Russia.

Guarantx was sanctioned by the US Treasury in 2022 for allegedly facilitated illegal transactions. Despite the restrictions, she continued her operations, serving Russian users via sanctioned Russian banks.

The judgment follows the European Union recent decision To add Guarantine to its list of sanctions, part of a wider effort to target the financial networks linked to Moscow.

The first Guarantx, the first Guarantx, put on the black list of the US Treasury in April 2022, citing its role in the treatment of transactions linked to illicit players and the Darknet markets, including funds linked to the Hydra Russian Ransomware group as the service and the Hydrat market now disappeared.