A formal investigation has been launched into the crypto exchange Garantex regarding the movement of approximately $20 billion in Tether (USDT). Garantex, which operates primarily in Russia, has previously been designated by international authorities for its alleged involvement in facilitating illicit financial activities. The probe centers on the massive volume of stablecoin transactions processed through the platform, raising concerns about the efficacy of current sanctions regimes and the use of digital assets to bypass traditional financial oversight.

While the investigation is ongoing, the scale of the transactions—totaling $20 billion—highlights the challenges regulators face in monitoring cross-border crypto flows. The exchange has been a focal point for authorities attempting to restrict Russia's access to global financial systems following the invasion of Ukraine. Protos reports that the investigation is specifically looking into how these funds were moved and whether the exchange knowingly facilitated transactions for sanctioned entities or individuals. As of now, the exchange has not issued a detailed public response to the specific allegations regarding the $20 billion figure, though it has historically maintained that it operates within the bounds of its local regulatory environment.