Tether Blocks $28M USDT on Russian Crypto Platform Garantex

"Tether has joined the fight against the Russian crypto market by freezing our wallets containing over 2.5 billion rubles," Garantex stated.

Key Points:

• Tether has frozen $28 million in USDT on the Russian crypto exchange Garantex.
• Garantex, which is sanctioned by the European Union for alleged ties to the Russian government and criminal organizations, has temporarily suspended all services.

Stablecoin issuer Tether has frozen $28 million in USDT on the Russian crypto exchange Garantex.

Garantex, which faces European Union sanctions due to alleged ties to the Russian government and criminal organizations, announced on Telegram Thursday that it has temporarily suspended all services.

"Tether has taken action against the Russian crypto market by freezing our wallets containing over 2.5 billion rubles," Garantex stated.

"Be aware that all USDT held in Russian wallets is now at risk. As always, we are the first, but not the last," the exchange added.