Tether freezes $28 million worth of USDT on sanctioned Russian exchange Garantex

Odaily Planet Daily News On March 6, stablecoin issuer Tether froze about $28 million (250 million rubles) of USDT from the sanctioned Russian crypto exchange Garantex, causing the platform to suspend operations. Garantex said in an official announcement that it has temporarily suspended operations and closed the withdrawal function, and its website is currently under maintenance. The freezing action took place after the EU imposed a new round of sanctions on Garantex on February 26. Garantex warned users that "all USDT in Russian wallets are currently at risk." The platform emphasized that it will not give up and will continue to fight. Garantex was included in the sanctions list by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) as early as April 2022. Tether has not yet responded to the freezing decision.