"Tether has entered the war against the Russian crypto market and blocked our wallets worth over 2.5 billion rubles," Garantex said.

Mar 6, 2025, 12:12 p.m. UTC

Stablecoin issuer Tether has frozen $28 million worth of USDT on Russian crypto exchange Garantex.

Garantex, which has been sanctioned by the European Union for links to the Russian government and criminal organizations, has suspended all its services temporarily, the exchange announced on Telegram on Thursday.

"Tether has entered the war against the Russian crypto market and blocked our wallets worth over 2.5 billion rubles," Garantex said.

"Please note that all USDT held in Russian wallets is now under threat. As always, we are the first, but not the last," it added.