U.S. DOJ Offers $6M Bounty for Garantex Executives in Cybercrime Crackdown

The U.S. Department of Justice has initiated a reward program offering up to $6 million for information leading to the arrest or conviction of key leaders from the defunct cryptocurrency exchange Garantex. This is part of the DOJ's broader Transnational Organized Crime Rewards Program (TOCRP), which targets individuals allegedly involved in facilitating large-scale cybercrime and money laundering through the platform [1].

The bounty is divided into two parts: up to $5 million for Aleksandr Mira Serda, Garantex's co-owner and Chief Compliance Officer, and up to $1 million for other unnamed key figures associated with the exchange. These rewards reflect the U.S. government’s determination to hold accountable those who allowed or facilitated Garantex’s operation as a conduit for illicit financial activity [1].

Garantex, established in late 2019 and based in Estonia, operated primarily from Moscow and St. Petersburg. It became a critical infrastructure for cybercriminals, reportedly laundering hundreds of millions of dollars in cryptocurrency from activities such as drug trafficking, terrorism financing, and ransomware attacks. Between April 2019 and March 2025, the exchange processed more than $96 billion in crypto transactions [1].

Following a 2022 investigation by Estonia’s Financial Intelligence Unit (EFIU), Garantex lost its digital asset services license due to severe deficiencies in its anti-money laundering controls. Despite this, the exchange continued operations under a new brand, Grinex, while implementing measures to obscure wallet origins in an apparent attempt to avoid sanctions [1].

The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has since redesignated Garantex and added Grinex to its sanctions list. Tether, the issuer of the USDT stablecoin, also took action by blocking Garantex-linked wallets and freezing assets. Additionally, authorities in Germany and Finland assisted by seizing Garantex’s domain and over $26 million in digital assets [1].

Ekaterina Zhdanova, a known money launderer, is reported to have used Garantex to funnel over $2 million in Bitcoin through the USDT stablecoin. She is currently under investigation under an executive order from November 2023 for conducting financial operations in a major global jurisdiction [1].

In March 2025, the U.S. DOJ unsealed indictments against Aleksandr Mira Serda and Aleksej Besciokov. Besciokov was arrested in India, while Serda remains at large. These developments mark a key step in the U.S. government’s enforcement actions against Garantex and its executives [1].

The enforcement actions against Garantex illustrate the growing regulatory and legal scrutiny of cryptocurrency platforms that fail to maintain adequate compliance with financial crime prevention measures. The case highlights the U.S. government’s willingness to use financial incentives and international cooperation to dismantle cybercrime infrastructure, even when operating under new identities or jurisdictions. The bounty program signals a strategic approach to holding individuals accountable for their roles in enabling large-scale illicit financial activities through digital assets [1].

Source:

[1] US DOJ With a Bounty Totaling Up to $6M For Defunct Exchange Garantex Leaders (https://cryptopotato.com/us-doj-with-a-bounty-totaling-up-to-6m-for-defunct-exchange-garantex-leaders/)