Global Ledger, an AML toolset provider, reported that over $15 million in active reserves from crypto exchange Garantex is still flowing, even after Tether froze certain wallets associated with the exchange. A previously dormant Ethereum wallet from Garantex started accumulating Ether and transferred $2.3 million in ETH to Tornado Cash, while holding $6.1 million in ETH. A parallel movement of Bitcoin was also noted, with 2.2 BTC bridged to the TRON network. Lex Fisun, CEO of Global Ledger, indicated that this situation exposes the shortcomings in the enforcement of sanctions, as significant amounts move through lesser-known chains and mixers. Garantex halted operations on March 6, 2025, due to Tether's actions against it, which followed sanctions imposed by the US Treasury's OFAC in April 2022 for non-compliance with AML regulations. Garantex founder Aleksej Bešciokov faces multiple conspiracy charges and potential extradition to the US. This report highlights ongoing challenges within the regulatory framework for cryptocurrency operations.

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