Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Elliptic Uncloaks $60B in Illicit Garantex Transactions, Aiding US Takedown

Elliptic Uncloaks $60B in Illicit Garantex Transactions, Aiding US Takedown

Bitcoin.comBitcoin.com2025/03/08 01:44
By:Bitcoin.com

Elliptic’s data revealed Garantex executed over $60 billion in transactions since the U.S. and EU imposed sanctions in April 2022 allegedly for laundering funds tied to ransomware, darknet markets, and North Korean cyberattacks. Despite efforts to mask its wallet infrastructure, Elliptic’s report claims Garantex’s total transactions exceeded $96 billion, including moves by Russian elites to evade sanctions after the Ukraine invasion.

Elliptic Uncloaks $60B in Illicit Garantex Transactions, Aiding US Takedown image 0The blockchain surveillance firm explained that the crypto exchange employed advanced cloaking techniques to evade detection, such as rapidly generating new wallet addresses and leveraging specific privacy tools. Elliptic developed proprietary analytics to identify Garantex-controlled wallets, uncovering transactions predominantly in the stablecoin USDT issued on the Tron blockchain.

This methodology, Elliptic contends, enabled real-time sanctions screening for clients and investigators. Garantex purportedly laundered crypto from high-profile crimes, including $30 million from North Korea’s Lazarus Group-linked Horizon Bridge hack and funds tied to ransomware groups Conti, Lockbit, and Black Basta. It also reportedly facilitated tens of millions in darknet market deals, according to Elliptic’s tracing tools.

The U.S. Department of Justice (DOJ) cited Elliptic’s intelligence in its indictment, which highlighted Garantex’s role in aiding Russian oligarchs and illicit actors. The takedown follows recent incidents like the $1.4 billion Bybit theft, underscoring rogue exchanges’ role in global crime financing.

Elliptic emphasized the technological arms race between bad actors and compliance firms, noting other sanctioned entities now mimic Garantex’s tactics. Its tools, the company asserted, remain integrated into crypto businesses’ compliance programs to flag illicit transactions. Elliptic’s news follows Tether freezing millions of USDT held on Garantex, the exchange halting operations, and the U.S. government seizing its website.

免责声明:本文章仅代表作者个人观点,不代表本平台的立场和观点。本文章仅供信息分享,不构成对任何人的任何投资建议。用户与作者之间的任何争议,与本平台无关。如网页中刊载的文章或图片涉及侵权,请提供相关的权利证明和身份证明发送邮件到support@aicoin.com,本平台相关工作人员将会进行核查。

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!