Global law enforcement crackdown hits Russian crypto exchange Garantex

Garantex, a Russian cryptocurrency exchange popular among ransomware operations, had its website sequestered in a joint effort by U.S. and European law enforcement agencies as it announced a temporary suspension of its operations after having its cryptocurrency wallets worth almost $28 million frozen by stablecoin operator Tether, reports The Record, a news site by cybersecurity firm Recorded Future.

Working alongside the FBI and the Justice Department's Criminal Division in the crackdown were Europol, the German Federal Criminal Police Office, the Frankfurt General Prosecutor's Office, the Dutch National Police, the Finnish National Bureau of Investigation, and the Estonian National Criminal Police, according to a notice posted on Garantex's website.

Such a development comes over a week after Garantex was sanctioned by the European Union over its links with Russian banks that were previously subjected to punitive action. The U.S. Treasury Department had also imposed sanctions against Garantex three years ago over its involvement in the laundering of more than $100 million from illicit actors, including the Conti ransomware gang.