The U.S. Departments of State and Treasury have jointly intensified their crackdown on illicit cryptocurrency networks by targeting Garantex, a Russian-operated exchange accused of serving as a major hub for money laundering by cybercriminals and organized crime groups.
Through the Transnational Organized Crime Rewards Program (TOCRP), the U.S. State Department has announced rewards totaling up to $6 million for information leading to the arrest or conviction of Garantex’s leadership. This includes:
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Up to $5 million for information on Russian national Aleksandr Mira Serda, also known as Aleksandr Ntifo-Siaw.
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Up to $1 million for tips leading to the capture of other senior Garantex executives.
Simultaneously, the Treasury’s Office of Foreign Assets Control (OFAC) has taken decisive action by re-designating Garantex and sanctioning its successor platform, Grinex. The sanctions extend to three Garantex executives and six associated partner companies operating in Russia and the Kyrgyz Republic.
According to joint findings by the U.S. Secret Service and the FBI, Garantex facilitated the laundering of hundreds of millions of dollars in criminal proceeds. The platform has been linked to a range of illicit activities, including:
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Large-scale hacking operations
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Ransomware attacks
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Terrorism financing
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Drug trafficking
The impact has been substantial, with significant harm inflicted on U.S. victims. Investigators estimate that between April 2019 and March 2025, Garantex processed at least $96 billion in cryptocurrency transactions, much of it tied to illicit activities.
