Two administrators of Garantex, a Russia-based cryptocurrency exchange, have been charged in the United States for allegedly laundering money for cybercriminals and terrorist organizations.
The U.S. Department of Justice has indicted Aleksej Besciokov, a Lithuanian national residing in Russia, and Aleksandr “Mira” Serda, a Russian citizen living in the United Arab Emirates. Prosecutors accuse them of violating U.S. sanctions and knowingly processing illegal transactions linked to ransomware, terrorism, and drug trafficking.
Aleksej Besciokov’s description according to the US Secret Service. Source: US Secret Service website
Garantex processed billions in illicit transactions
According to the indictment, Garantex allegedly facilitated the laundering of hundreds of millions of dollars in criminal proceeds. Since 2019, the exchange has reportedly handled at least $96 billion in cryptocurrency transactions, including funds from cybercrime operations. Prosecutors claim that Besciokov and Serda were fully aware of these illicit activities and actively worked to obscure their exchange’s involvement.
Both defendants are charged with conspiracy to commit money laundering, which carries a potential 20-year prison sentence. Besciokov also faces additional charges for violating U.S. sanctions and operating an unlicensed money-transmitting business. If convicted, he could face up to 45 years in prison.
Prosecutors say Garantex ignored law enforcement requests
U.S. authorities allege that Besciokov personally approved transactions linked to the Lazarus Group, a North Korean-backed hacking organization. These transactions reportedly proceeded despite clear indications of criminal activity.
Aleksandr Mira Serda’s description according to the US Secret Service. Source: US Secret Service website
Investigators also accuse Garantex of refusing to cooperate with law enforcement. The indictment states that Russian authorities once requested information about a Garantex account linked to Serda. Instead of providing accurate details, the exchange allegedly submitted incomplete records and claimed the account was unverified. However, investigators say the company had already associated Serda’s personal information with that account, indicating an intentional effort to mislead authorities.
U.S. law enforcement has been monitoring Garantex for years
Garantex has been under U.S. scrutiny for some time. In 2022, the U.S. Treasury Department imposed sanctions on the exchange, citing its involvement in over $100 million in transactions tied to criminal groups and dark web markets. The Treasury’s findings included nearly $6 million linked to the Conti ransomware gang and approximately $2.6 million associated with the Hydra darknet marketplace.
In 2024, European authorities also sanctioned Garantex due to its connections with Russian banks penalized following Russia’s invasion of Ukraine. Recently, U.S. law enforcement seized the exchange’s official websites, replacing them with a notice from the Secret Service confirming the domain’s confiscation.