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Garantex temporarily suspended all services, including cryptocurrency trading and withdrawals, after Tether froze $28 million in USDT on the exchange. During this period, its website also went into maintenance.
Tether froze $28M in USDT on Garantex due to EU sanctions, which were imposed as part of measures against Russia’s war in Ukraine.
Garantex claimed that Tether’s freeze of $28 million in USDT was part of a broader attack on the Russian crypto market and warned that all USDT holdings in Russian wallets could be at risk.
Garantex is a Russian cryptocurrency exchange that was originally registered in Estonia.
Tether is the issuer of USDT, the largest stablecoin by market capitalization.
The European Union sanctioned Garantex in February 2025 due to its ties to Russian banks, criminal organizations, and its role in helping Russia bypass Western sanctions amid the war in Ukraine.

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