Russian Cryptocurrency Exchange ‘Garantex’ Shut Down for Ties with Ransomware Activity

An international law enforcement operation disrupted the infamous Russian cryptocurrency exchange Garantex, a platform allegedly favored by ransomware groups.

Russian crypto exchange ‘Garantex’ seized by authorities

Russian crypto exchange Garantex has been shut down in a joint law enforcement operation. The platform, allegedly favored by ransomware cybercriminals such as the obsolete Conti crew, is notorious for its money laundering facilities.

Currently, attempting to access the website either proves impossible or prompts visitors with a seizure notice, informing them that the domain has been seized by the Secret Service.

The seizure, part of a joint law enforcement operation

The operation’s success was largely due to close coordination between the US Secret Service, the FBI, the US Department of Justice (DoJ), Europol, the Dutch National Police, the Estonian National Criminal Police, the German Federal Criminal Police Office, the Finnish National Bureau of Investigation, and the Frankfurt General Prosecutor’s Office.

"The US Secret Service has seized website domains associated with the administration and operation of Russian cryptocurrency exchange Garantex as part of an ongoing investigation," said US Secret Service spokesperson Nate Herring, according to The Register. "We are unable to provide additional comments at this time and will release additional information when available."

Garantex, previously sanctioned by both the US and the EU

Garantex was sanctioned by the US in 2022, when authorities linked it to transactions exceeding $100 million between Dark Web markets and criminals.

Allegedly, some of the transactions are associated with infamous hacking groups and other cybercrime syndicates, including the now-defunct Russian ransomware group Conti and the notorious Dark Web market Hydra.

Additionally, last month, the EU sanctioned Garantex on grounds of it being “closely associated with EU-sanctioned Russian banks.”