OFAC sanctions Russian crypto exchange Garantex and Hydra

TL;DR Breakdown

• Hydra would be working from Moscow and Germany
• OFAC will continue to investigate all those exchanges that do not comply with its regulations

The foreign fund’s surveillance agency, or OFAC, has penalized the crypto exchange Garantex and Hydra Darknet trading platform. According to reports, both crypto companies are reportedly linked to cyber-crimes, the dark web, and crypto scams perpetrated in recent months.

One partner at “The Volkox” law firm, Matt Stankiewicz, is pleased to lend his support to OFAC in making these sanctions effective. At the beginning of April, the agency investigated the operations in Hydra, concluding that its market supports cyber-attacks via Ransomware, Darknet, and other illegal means.

OFAC penalizes two Russian crypto companies

The highest US cyber-crime surveillance agency, OFAC, has had difficult days when its agents have had to investigate the latest events linked to the crypto market. The criminalization of two crypto companies from Russia was completed after their partnership with Chatex, and the Suex exchange was confirmed.

The agency also clarifies that it has about one hundred Russian crypto wallets will be investigated. Many of these wallets would offer their operations with Bitcoin, USDT, and the Ethereum token.

After the agency’s announcements, Yellen Janet, Secretary of the Treasury, said that most cyberattacks come from Russia due to criminals’ immunity. Yellen herself confesses that it is an issue that should concern the country, knowing they are becoming more and more constant.

Garantex case damages crypto market popularity

The OFAC agency clarifies that the Garantex case has been neutralized after its fraudulent operations were confirmed. According to the agents, the crypto platform operated from Moscow, Saint Petersburg, and possibly from other cities on Russian territory. The crypto platform was used for money laundering and financial aid to terrorism.

Since a few months ago, when crypto reached its highest point in popularity, regulators have tried to stop all those illegitimate exchanges. The perspective shared by US regulators is that crypto platforms must follow guidelines to operate in the territory, whether they offer transparent operations or a KYC scheme.

The cybercrime investigation agency and the SEC are those crypto platforms that do not comply with their rules. If they do not comply with them, the domain might be closed, or they will be reviewed, as was the case of the Hydra company. The details indicate that the crypto company would be operating illegally from Russia and Germany, of which the legislative bodies are already aware. Around $25,000,000 was found in fraudulent operations with cryptos inside the company.