US Puts a $6 Million Bounty on Heads of Russian Crypto Exchange Garantex

The United States has launched a major crackdown on Garantex, a Russian-operated cryptocurrency exchange accused of handling massive illicit transactions. In a coordinated move, the Departments of State and Treasury announced new measures targeting the exchange and its network, which officials say has processed billions for cybercriminals.

The exchange, which operates globally but is linked to Moscow, has been connected to laundering the proceeds from hacking, ransomware, and terrorism financing.

The State Department’s Transnational Organized Crime Rewards Program is now offering up to on the Garantex leadership. This includes a reward of up to $5 million for Russian national Aleksandr Mira Serda.

An additional $1 million is on the table for other senior figures within the organization. U.S. officials are urging anyone with credible information to contact the Secret Service through secure channels.

At the same time, the Treasury Department’s Office of Foreign Assets Control (OFAC) has re-designated Garantex and sanctioned Grinex, a newly created exchange allegedly set up as its successor. OFAC also sanctioned three Garantex executives and six affiliated companies in Russia and Kyrgyzstan, effectively cutting them off from the U.S. financial system.

Investigators estimate that between April 2019 and March 2025, Garantex processed at least $96 billion in crypto transactions, with a substantial portion allegedly coming from criminal activity.

Not the first time:

This crackdown reflects a broader U.S. strategy to curb the use of crypto by transnational crime groups. By targeting both the original platform and its successor, the government is signaling its intent to prevent criminals from simply hopping to a new platform. This is all part of a growing focus on shutting down the infrastructure that enables anonymous and rapid transfers for illicit actors.

When actions get challenged.