Tether Froze $28 Million on Russian Cryptocurrency Platform Garantex
“Tether has started a fight against the Russian cryptocurrency market and blocked our wallets worth over 2.5 billion rubles,” Garantex reported.
Author: Jamie Crowley | Edited by : Parikshit Mishra Updated: 6 March 2025, 1:19 GMT Published: 6 March 2025, 12:12 GMT
Key points:
- Tether has frozen $28 million worth of USDT on the Garantex platform.
- Garantex, which has been sanctioned by the European Union for its links to the Russian government and criminal groups, has temporarily suspended all its services.
Stablecoin issuer Tether has blocked USDT worth $28 million on Russian crypto exchange Garantex.
Garantex, a cryptocurrency platform sanctioned by the EU over its links to the Russian government and criminal organizations, has temporarily suspended all operations, Telegram reported on Thursday.
“Tether has started a fight with the Russian cryptocurrency market and blocked our wallets worth more than 2.5 billion rubles,” a Garantex representative said.
“Please note that all USDT stored in Russian wallets is now at risk. As always, we are the first, but not the last,” the company added.
