Around 1,700 Cryptocurrency Wallets Linked to Russian Exchange Garantex Flagged by Leading AML Agencies
In a synchronized operation, approximately 1,700 cryptocurrency wallets, directly or indirectly linked to the Russian crypto exchange Garantex, have been flagged by all major Anti-Money Laundering (AML) agencies.
According to a CryptoInsider source, this marks the first operation of such scale and nature conducted by the Office of Foreign Assets Control (OFAC) as part of efforts to combat sanctions evasion by the Russian Federation. It is likely that the flagged wallets are connected to the financial operations of a SDN listed Russian oligarch seeking to transfer funds out of Russia.
Notably, the wallets were marked with a "criminal" label rather than a "sanctioned" one, suggesting that the action was taken not as part of sanctions enforcement but to target attempts to launder illicit funds and bypass restrictions beyond Russian borders. Furthermore, sources indicate that up to 20,000 additional wallets could be flagged in the near future as investigations continue to unfold.
In a synchronized operation, approximately 1,700 cryptocurrency wallets, directly or indirectly linked to the Russian crypto exchange Garantex, have been flagged by all major Anti-Money Laundering (AML) agencies.
According to a CryptoInsider source, this marks the first operation of such scale and nature conducted by the Office of Foreign Assets Control (OFAC) as part of efforts to combat sanctions evasion by the Russian Federation. It is likely that the flagged wallets are connected to the financial operations of a SDN listed Russian oligarch seeking to transfer funds out of Russia.
Notably, the wallets were marked with a "criminal" label rather than a "sanctioned" one, suggesting that the action was taken not as part of sanctions enforcement but to target attempts to launder illicit funds and bypass restrictions beyond Russian borders. Furthermore, sources indicate that up to 20,000 additional wallets could be flagged in the near future as investigations continue to unfold.