Garantex Co-founder Arrested in India
Garantex Co-founder Arrested in India on US Money Laundering Charges
Indian authorities have arrested Aleksej Besciokov, co-founder of the cryptocurrency exchange Garantex, at the request of the United States. Besciokov faces criminal charges related to facilitating money laundering through the platform.
According to reports, the arrest took place in Kerala under India's extradition laws following a US Department of Justice (DOJ) indictment issued on March 7, 2025. The DOJ alleges that Besciokov and fellow co-founder Aleksandr Mira Serda violated US sanctions, engaged in money laundering, and operated an unlicensed money transfer business. The US seeks Besciokov's extradition to the Eastern District of Virginia for trial.
Extensive Actions Against Garantex
The US crackdown on Garantex involved a coordinated effort with Germany and Finland. This included the seizure of three Garantex domains (Garantex.org, Garantex.io, Garantex.academy) and related servers, as well as the freezing of $28 million in cryptocurrency belonging to the exchange.
The DOJ indictment points to Besciokov's role as Garantex's primary technical administrator, accusing him of knowingly processing transactions linked to entities such as the Lazarus Group—a North Korean-backed hacking group—and other criminal organizations. The indictment alleges that between 2019 and 2025, Garantex processed at least $96 billion in cryptocurrency transactions, with hundreds of millions of dollars linked to illicit activities.
Garantex's History and Sanctions
Garantex, a Russia-based cryptocurrency exchange, has been under US and EU sanctions since 2022 for allegedly facilitating money laundering for various criminal organizations, including terrorist groups, ransomware hackers, and drug traffickers.
Following the legal action, Garantex invited clients to a meeting in Moscow on March 10, 2025, seemingly to address the situation. However, the exchange's operational status remains unclear.
Implications for the Crypto Industry
Garantex's case is not unique. Several other cryptocurrency exchanges, including FTX, BTC-e, GCG Asia/GCFX, and Thodex, have faced similar situations involving founder arrests and legal battles. This highlights the increasing scrutiny of the cryptocurrency industry and the importance of robust compliance measures.
Codeum's Note: At Codeum, we are dedicated to enhancing the security and transparency of the blockchain industry. Our services, including smart contract audits, KYC verification, and custom smart contract development, help mitigate risks associated with money laundering and illicit activities within the crypto space. We encourage all blockchain projects to prioritize security and regulatory compliance.