The U.S. Treasury designated Russian crypto exchange Garantex in April 2022. According to a recent Treasury press release, over six years, Garantex processed more than $96 billion in cryptocurrency for cybercriminals. Transparency International Russia reports that the team behind the exchange remains active, expanding an international money laundering network allegedly used by the Kremlin to bypass Western sanctions.
Why Garantex Is Notorious
Crypto investigators at Elliptic link Garantex to a wide range of money laundering operations. Some of the known entities that used Garantex include:
- North Korean hacker group Lazarus
- Palestinian militant organization Palestinian Islamic Jihad
- Dark web drug marketplaces like Hydra and Kraken (not the crypto exchange)
- Ransomware gangThe Garantex Team Remains Actives Conti, Black Basta, and Lockbit
- Russian oligarchs sanctioned after the 2022 escalation of the Russian-Ukrainian conflict
Garantex used unique crypto addresses for each transaction, routing funds through multiple wallets. This allowed the exchange to continue operating even after OFAC sanctions in April 2022. In 2025, Tether froze Garantex’s USDT holdings, and European authorities seized its infrastructure in a March 2025 operation.
The Garantex Team Remains Active
Investigators found that Garantex did not shut down after sanctions and police actions in 2025. Instead, the team launched new projects that continue sophisticated money laundering operations, including:
- Crypto exchange Grinex
- Financial consulting firm MKAN Coin
- Payment platform Exved
Transparency International notes that Russian authorities appear indifferent to the criminal activities of these projects.
The network operates across multiple countries, including the UAE, Spain, Brazil, Kyrgyzstan, Thailand, Georgia, Hong Kong, and Russia. Key figures tied to Garantex are Sergey Mendeleev, Alexandr Mira Serda (wanted in the U.S.), and Pavel Karavatsky. Their operations are highly decentralized and largely inaccessible to Western regulators.
The new projects, including Paysol, Exved, and Corporation Fintech LLC, occupy the former Garantex office in Moscow-City. Paysol’s head, Sergey Kunitsa, owns commercial real estate there connected to the Garantex team. Paysol is reportedly integral to Exved’s international transactions.
Telegram Plays a Central Role
Investigators report that Telegram is the primary operational interface for the Garantex team’s new ventures. It is used for registration, communication, deals, and KYC processes. Exved, Sprintex, and ABCEX rely on Telegram as their main platform.
New Rogue Platforms: Exved, Grinex, MKAN Coin
- Exved, founded by Sergey Mendeleev, is described as a tool for sanctions evasion. Investigators allege it functions as an offshore “laundromat,” helping Russian clients move money abroad via cryptocurrency. Transactions route through agents and offshore accounts in Dubai, Thailand, and Hong Kong, leaving no trace in Russian banks.
- Undercover investigators discovered that Exved facilitates the import of dual-use commodities, including microchips and telecom equipment from China and Taiwan, bypassing Russian banking oversight. Cross-border payments are conducted in stablecoins, while Russian documentation treats them as domestic deals. Banks reportedly involved include J.P. Morgan HK, Deutsche Bank Hong Kong, DBS HK, and Bank of China.
- MKAN Coin, operating in Dubai until 2024, helped transfer money outside Russia via stablecoins. After Dubai regulators shut it down, its functions moved to Grinex, which transferred nearly $4 billion in four months using the ruble-backed stablecoin A7A5.
- Grinex launched shortly after Garantex’s closure. While denying formal ties to Garantex, it inherited many of its users and assets. Grinex and Paysol reportedly use circular layering to obscure the origin of funds, moving at least $4.5 billion USDT from Garantex accounts.
Transparency International Russia argues that the Russian government appears to protect these operations, questioning the effectiveness of Western sanctions. Exved, Grinex, InDeFi Bank, Mendeleev, Mira Serda, and Pavel Karavatsky were sanctioned in August 2025.
Mysterious Death of Garantex’s Chief Administrator
During a March 2025 coordinated operation, Western authorities seized Garantex servers, blocked domains, and detained several employees. Chief tech administrator Alexey Besciokov was detained in India for money laundering conspiracy and facilitating illicit transactions.
What Transparency International Russia does not mention is that Alexey Besciokov, Garantex’s chief administrator, died in an Indian prison. According to the anonymous Telegram channel VChK-OGPU, his death occurred shortly after he agreed to extradition to the U.S. The official cause of death has not been disclosed, leading some to speculate that he may have been killed to prevent the leak of sensitive information to U.S. authorities.
In a similar mysterious incident, one of Garantex’s co-founders, Stanislav Drugalev, died in 2021 after falling from a bridge in Dubai. His widow suggested that the death could have involved foul play.
Conclusion
Transparency International Russia’s investigation indicates that although Garantex was officially shut down, its network remains active and continues to expand, functioning as an international crypto laundromat with operations centered in Moscow.
