Sanctioned Russian exchange Garantex rebuilt $34 million crypto payout network via top CEXs

In early 2025, blockchain analytics firm Global Ledger reported that sanctioned Russian exchange Garantex rebuilt a payout system using new Bitcoin and Ethereum wallets holding over $34 million in crypto. At least $25 million has already been distributed to former users, while most of the Ethereum reserve remains untouched, with the wallets allegedly interacting with top 10 centralized exchanges and raising fresh regulatory concerns.