TechFlow reported, according to Cointelegraph, that stablecoin issuer Tether has frozen approximately $28 million worth of USDT funds belonging to Russian-sanctioned cryptocurrency exchange Garantex, forcing the platform to suspend all operations.
On March 6, Garantex announced on its official Telegram channel: "Tether has joined the war against the Russian crypto market by freezing our wallet containing over 2.5 billion rubles (about $27 million)." The exchange stated it had temporarily suspended all services, including withdrawals, and its website is currently under maintenance.
This action follows the European Union's inclusion of Garantex in its 16th round of sanctions targeting the "aggression of Russia's war against Ukraine" on February 26. In its announcement, Garantex warned users that "all USDT in Russian wallets are currently under threat," adding, "We will fight; we won't give up."
As of press time, Tether has not responded regarding its decision to freeze Garantex's wallets.
