Tether Freezes $27M Halts Garantex Exchange

Tether Freezes $27M on Garantex, Halting Operations

• Tether froze $27 million worth of USDT on the Garantex platform.
• Garantex suspended crypto trading and withdrawals following the freeze.
• The frozen amount is equivalent to over 2.5 billion rubles.
• Garantex was first sanctioned by the US Treasury’s OFAC in April 2022.
• The European Union has also imposed sanctions on Garantex.
• Authorities are investigating Garantex for facilitating $20 billion in transactions evading sanctions.

Tether’s decision to freeze $27 million of USDT led to Garantex suspending its services, highlighting ongoing regulatory scrutiny and sanctions against the exchange for alleged financial misconduct.