On March 7, 2025, the U.S. Department of Justice (DOJ), in coordination with authorities in Germany and Finland, announced the disruption of Garantex — a Russia-based cryptocurrency exchange deeply embedded in the global cybercrime economy.

The operation resulted in the seizure of Garantex’s domains and servers in Germany and Finland, the freezing of over $26 million in illicit funds, and criminal charges against its administrators Aleksej Besciokov and Aleksandr Mira Serda, who allegedly oversaw the laundering of hundreds of millions of dollars worth of cryptocurrency.

For years, Garantex was a major enabler of financial crime, facilitating money laundering for ransomware groups, darknet markets (DNMs), and other sanctioned entities. Despite being sanctioned by the U.S. Treasury’s Office of Foreign Asset Control (OFAC) in April 2022, Garantex continued to evade restrictions and conduct transactions with U.S.-based entities. The takedown marks a significant victory as international efforts escalate to disrupt illicit crypto activity.

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