Proprietary information and Intelligence from Elliptic allowed authorities to uncloak Garantex’s crypto exercise and establish their wallets, enabling asset freezing.
Washington, March 7, 2025 /PRNewswire/ — Elliptic, the worldwide chief in blockchain analytics right now pronounces its help to america Secret Service of their investigation into Garantex, the sanctioned Russian cryptocurrency trade. Elliptic’s distinctive information and intelligence have supplied very important insights that contributed to the takedown of Garantex and the freezing of property, introduced right now.
Garantex deployed subtle cloaking strategies to masks its cryptocurrency pockets infrastructure, and evade the sanctions imposed on it by the U.S. Treasury and the European Union. To counter this, Elliptic utilized its industry-leading blockchain analytics capabilities, to make clear the rogue trade’s complicated and ever-changing exercise. This concerned detailed evaluation to grasp Garantex’s obfuscation strategies, and the event of recent heuristics to flag Garantex’s wallets.
Elliptic’s information reveals that Garantex has engaged in transactions totaling greater than $60 billion since sanctions had been imposed on it in April 2022. It has laundered cryptocurrency from ransomware gangs, darknet markets and North Korean crypto heists. The trade has additionally been implicated in laundering and shifting funds for Russian elites, lots of whom are themselves sanctioned.
An Elliptic spokesperson mentioned “We have now been working for practically two years to disentangle Garantex’s evolving sanctions-evasion ways. This has fed into our real-time screening options, defending Elliptic’s prospects in addition to offering crucial insights to investigators.” “The latest $1.5 billion Bybit theft illustrates the function that rogue crypto exchanges play in laundering proceeds of crime and enabling nefarious regimes. At the moment’s occasions reveal that these dangerous actors may be overcome.”
Extra details about Garantex is out there right here: https://www.elliptic.co/weblog/elliptic-in-action-garantex.
ABOUT ELLIPTIC
Elliptic is the worldwide chief in blockchain analytics. We energy the intelligence that permits monetary establishments, crypto companies and governments to make sooner, smarter and safer selections.
Our unrivalled blockchain protection supplies market main transaction volumes, configurability, scalability and a greatest in school holistic ecosystem. Our information superiority is why the world’s main establishments select Elliptic to assist them handle danger and examine crime.
Elliptic is acknowledged as a WEF Know-how Pioneer and backed by buyers together with J.P. Morgan, Wells Fargo Strategic Capital, SBI Group and Santander Innoventures.
Based in 2013, Elliptic is headquartered in London with places of work in New York, Washington D.C., UAE, Singapore and Tokyo. To be taught extra, go to www.elliptic.co and observe us on LinkedIn and X.
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