Tether Blocks $28 Million USDT on Garantex Amid Sanctions
Tether has suspended $28 million USDT on the Russian exchange Garantex, which is under EU sanctions due to its ties with the Russian government.
Stablecoin provider Tether has frozen $28 million worth of USDT on the Russian cryptocurrency exchange Garantex. Garantex is currently under European Union sanctions for its connections to the Russian government and organized crime, prompting it to temporarily halt all operations. The exchange communicated this update via Telegram.
Key Highlights:
- Tether has blocked $28 million in USDT on Garantex.
- Garantex has been sanctioned by the EU due to criminal connections and is suspending all its services.
“Tether enters the conflict against the Russian crypto sector, freezing wallets that total over 2.5 billion rubles,” stated Garantex.
Translation: “Tether has entered the war against the Russian crypto market and blocked our wallets worth over 2.5 billion rubles,” Garantex said.
“Please be informed that all USDT in Russian wallets is now at risk. We are the first to face these challenges, but we won’t be the last.”
