Garantex Reborn? Russian Sanctions Evasion Finds New Home in Kyrgyz Exchanges
TRM Labs has uncovered a troubling trend of Russian actors exploiting Kyrgyzstan’s crypto ecosystem to bypass sanctions and finance dual-use goods for the Ukraine war effort. Kyrgyz-registered exchanges appearing to be shell companies and share on-chain similarities with sanctioned Russian exchange Garantex, suggesting coordinated infrastructure rebuilding. A standout case is Grinex, believed to be a rebranded version of Garantex, which launched shortly after Garantex was taken down in March 2025. Grinex began handling withdrawals using the Russian stablecoin A7A5, indicating it may have absorbed some of Garantex’s illicit operations. These findings solidify Kyrgyzstan’s role as a strategic node in post-sanctions Russian crypto activity.
Chainalysis: How One Bitcoin Address Took Down a Top Cybercriminal
A major breakthrough in the international takedown of BreachForum - a notorious marketplace for stolen data came when ‘IntelBroker’, the forum’s administrator, accepted Bitcoin instead of Monero during an undercover operation. While Monero's privacy features would have protected him, the traceability of Bitcoin exposed his financial infrastructure. Blockchain analysts followed the trail from a single Bitcoin address to regulated exchanges, where Know Your Customer (KYC) data linked the transactions to Kai West, the real identity behind the alias. This case illustrates how even one misstep like using traceable crypto can unravel sophisticated criminal networks. It’s a landmark win proving that crypto doesn't mean anonymous, especially when investigators combine blockchain analysis with OSINT and exchange data.
Sinaloa Cartel’s Crypto Pipeline Busted in Miami Sting
Federal agents struck a major blow to the Sinaloa Cartel’s digital infrastructure by seizing over $10 million in cryptocurrency tied to the group’s laundering operations.
Using blockchain tracing tools, investigators uncovered a complex web of wallets and obfuscation methods, yet still managed to track, trace, and freeze the illicit funds. This Miami-based operation was part of Operation Take Back America, a sweeping multi-state campaign targeting the cartel’s financial core. The bust shows that cryptocurrency is no longer safe haven for cartels, and with the right tools, law enforcement is catching up fast.
More weekly top stories:
Abacus Market Vanishes in Suspected Exit Scam After Reaching $400M in Sales
Bitcoin Mixers and the Fight for Financial Privacy: A History of Crackdowns
DOJ (and TRM) Seizes $2M in Crypto Linked to Hamas via Gaza-Based BuyCash
Brazil Dismantles $32M Crypto-Laundering Syndicate with TRM Support
Italian Carabinieri Leverage Chainalysis to Dismantle €8.8M Illicit Crypto Exchange
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