The U.S. Secret Service, with the help of blockchain analytics firm Elliptic, has shut down and frozen $26 million in cryptoassets from sanctioned Russian cryptocurrency exchange Garantex. Elliptic's data revealed that the exchange had processed over $60 billion in transactions since April 2022, in violation of U.S. and EU sanctions. Despite attempting to hide its activities, Elliptic was able to identify Garantex-controlled wallets and trace transactions primarily involving the stablecoin USDT on the Tron blockchain. The exchange is accused of laundering money from high-profile crimes, including those linked to North Korean cyberattacks and ransomware groups. The takedown underscores the role of rogue exchanges in global crime financing. Elliptic warns that other sanctioned entities are now using similar tactics, and its tools remain integrated into compliance programs of crypto businesses to detect illicit transactions.



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