The US Treasury Department and the Department of Justice launched a large-scale operation targeting illegal activities on the darknet. The operation, named SpecTor, involved cooperation from 10 countries. During the raids led by the U.S., authorities arrested 270 individuals. 

Security forces seized 2 tons of drugs, over 180 firearms, and more than $200 million in cryptocurrency. The confiscated cryptocurrencies included Bitcoin (BTC), Monero (XMR), and USDT. Officials closely monitored USDT transfers, blocked crypto wallets, and tracked transaction chains through blockchain analysis. 

The Office of Foreign Assets Control (OFAC), under the U.S. Treasury, sanctioned Iranian national Behrouz Parsarad, who was identified as the operator of the darknet market Nemesis Market. Parsarad’s wallet addresses were publicly disclosed, and virtual asset service providers blocked these addresses. 

Fentanyl Payments Made Through Crypto 

Chainalysis reported in its March 2025 report that Chinese fentanyl precursor suppliers received $5.5 million USDT from U.S. cartel couriers. These transactions were conducted on-chain via stablecoins. Chainalysis called this the “on-chain fentanyl economy.”  Authorities revealed that between 2018 and 2023, transfers to China totaled $37.8 million. Most transactions were detected via centralized exchanges and non-custodial wallets, with blockchain analytics tools uncovering these activities. 

The U.S. Department of Homeland Security also confirmed that crypto payments reached Chinese suppliers. Most payments were small and frequent. The Treasury’s tracking of crypto transfers dealt a financial blow to drug trafficking. Blockchain transactions provided critical data to law enforcement, allowing them to map addresses used in transfers. 

U.S. Attorney General Merrick Garland stated: 

“Hiding on the darknet is no longer enough. Crypto transfers are being tracked. Criminal proceeds are being identified.” 

The US Treasury Department of Justice emphasized this operation sends a clear message to criminals. Meanwhile, the Treasury listed crime-linked wallets and imposed new sanctions. OFAC requested crypto platforms to block addresses on the list. Blockchain analytics firms documented illegal transactions with crypto monitoring tools. Attempts to hide transaction traffic failed due to blockchain transparency, leading to this resolution. 

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Garantex Shutdown, but Fund Movements Continue

After the US Treasury Department’s OFAC sanctioned Garantex in April 2022, and froze $27 million in USDT on March 6, 2025, the exchange halted all operations. Despite these actions, Global Ledger reports that Garantex shifted its remaining funds to Grinex.

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By March 13, 2025, over $60 million worth of ruble-backed A7A5 stablecoins had been laundered through wallet transactions and moved to Grinex. Analysts note that these transactions aimed to clean the asset trail and relaunch operations under a new identity.

Is Grinex Just a New Face of Garantex?

Global Ledger‘s findings indicate that Grinex is directly connected to Garantex, both on-chain and off-chain. Transaction patterns, wallet reuse, and user behaviors strongly link the two exchanges.

Furthermore, CoinMarketRating lists Grinex as a project by Garantex‘s original team, reinforcing claims that it is not an independent platform but a direct continuation of Garantex’s operations.

Transaction Volume Surpasses $68 Million

By mid-March, Grinex had surpassed $68 million in total trading volume, including over $2 million in spot market trades. This activity suggests that Garantex’s previous users have migrated to Grinex, continuing to trade despite sanctions.

On March 12, 2025, Aleksej Bešciokov, allegedly responsible for managing Garantex, was arrested in India by the Central Bureau of Investigation. He faces US charges, including conspiracy to commit money laundering.

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