The United States and the United Kingdom have rolled up their sleeves and are investigating what looks like a gross $20 billion mishandling of crypto.
Yeah, you heard that right. $20 billion with a ‘B’.
They’re zeroing in on Garantex, that Russian exchange that’s been under so many sanctions, amidst a storm of crypto transactions that could very well be fueling Russia’s unsavory adventures in Ukraine.
The stakes? BIG.
The implications? Even bigger.
I’m talking about the huge amount of USDT—Tether, the darling of the crypto market that [tries to] sticks to the dollar like glue—sashaying through Garantex.
So you know this Moscow-based exchange has been the go-to spot for all kinds of illegal crypto transactions, despite having a big, red ‘sanctioned’ stamp on its forehead by both the U.S. and UK.
A Cat-and-Mouse Game
Now Garantex has had its share of the limelight since its birth in 2019 Estonia. Fast forward to today, and it’s practically got its roots buried deep in Moscow’s Federation Tower. Estonia showed Garantex the door back in February 2022, right around when Uncle Sam and the Brits were sharpening their sanctions pencils.
The U.S. Treasury isn’t playing around either.
They’ve got Garantex in their sights, for being the perfect playground for bad guys, including a certain Russia-based ransomware posse known as Conti. These guys were supposedly having a field day with over $100 million in illicit activities, all under Garantex’s watch. And to make things worse, Garantex was caught on camera, cozying up with sanctioned Russian banks and mapping out ways to keep the US dollar within arm’s reach, despite the sanctions.
Oops.
Oh Crypto, the Double-Edged Sword You Are
Tether, the diva right in the middle of this whole problem, sits on a throne made of over $100 billion worth of coins. She’s like the James Bond of cryptocurrencies—smooth, reliable, and always on a mission.
Tether Holdings claims they’ve got everything under control. Every transaction is under the microscope, and they’re in cahoots with law enforcement to keep the monsters at bay.
“With Tether, every criminal can be caught,” they say. Bold words, no? Because as we all know, criminals have a soft spot for Tether. It’s their go-to currency for everything shady, from online scams that would make your grandma’s head spin to dodgy deals that cross international borders. And despite Tether Holdings’ best efforts to freeze assets tied to the naughty list, the $19.3 billion in illicit transactions tells a different story.
So I’m not really sure about that, Tether.
As for the U.S. and UK, they seem to have once again found a common enemy to play friends against. Can’t wait to see what happens next.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed