20th June 2025 – (Moscow) Despite a U.S.-led freeze of $26 million in Tether (USDT) tied to the sanctioned Russian crypto exchange Garantex, an investigation by blockchain analytics firm Global Ledger reveals that an additional $15 million in crypto assets remains active across multiple networks, including Ethereum, Bitcoin, and BNB Chain.
While the Tether freeze targeted Garantex’s USDT holdings, Global Ledger found that the exchange also controlled reserves in Bitcoin, Ethereum, and other tokens, including a ruble-pegged stablecoin. Notably, some funds have already been laundered through Tornado Cash, an Ethereum-based mixing service, with over $2.25 million in ETH routed through the platform between May 22 and June 4.
The investigation also uncovered a calculated move to the TRON network, with Garantex-linked wallets transferring Bitcoin to TRON to exploit its low fees and high liquidity for stablecoin conversions. Meanwhile, approximately $4 million remains dormant on the BNB Chain, which lacks the infrastructure for asset freezes, creating a blind spot for enforcement.
Global Ledger CEO Lex Fisun emphasised that while Tether freezes are effective within specific ecosystems, multi-chain manoeuvres and alternative networks like TRON and BNB pose significant challenges to regulatory enforcement.
The analytics firm estimates that at least $15 million in Garantex-linked crypto assets remain beyond the reach of current sanctions, pointing to a growing loophole in cross-chain enforcement.
