According to an investigation by GetBlock, the Russian cryptocurrency exchange Garantex processed transactions that have raised concerns regarding potential money laundering activities. The report states that the exchange laundered over $30 million for a group linked to North Korean hackers (Lazarus Group) and continued to process transactions under sanctions imposed since April 2022.
It is noted that Garantex employed methods such as frequent transfers to new cryptocurrency addresses and the use of mixers like Tornado Cash to obscure the origin of funds.
Furthermore, between April 2022 and 2024, Garantex is reported to have processed tens of millions of dollars associated with extortion activities by cybercrime groups including Conti, LockBit, and Black Basta, as well as transactions for darknet marketplaces such as Blacksprut, Solaris, Mega, and OMG!OMG!
Despite asset freezes by Tether and the arrest of some operators, the exchange continues to operate, reportedly using techniques that impede the traceability of transactions.
These developments have prompted increased scrutiny from both regulatory authorities and industry experts. The techniques used by Garantex to obscure the origin of funds have raised concerns about the effectiveness of current anti-money laundering measures.
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