Gushiken Yona
The tranquil beaches of Varkala, a coastal haven in Kerala, India, typically offer a sanctuary from the world’s troubles. However, for Aleksej Besciokov, co-founder of the controversial Russian cryptocurrency exchange Garantex, a family holiday abruptly transformed into a legal battle on Tuesday. At 4 p.m. local time, under the shade of swaying palms, Kerala State police arrested the 46-year-old Lithuanian national, citing India’s extradition laws.
Besciokov’s arrest is the latest development in a rapidly escalating international crackdown on Garantex. The U.S. Department of Justice (DOJ), in a press release last Thursday, unsealed an indictment against Besciokov and his co-founder, Aleksandr Mira Serda (formerly Aleksandr Ntifo-Siaw), a 40-year-old Russian national residing in the United Arab Emirates. The charges are severe: money laundering conspiracy, and for Besciokov, additional counts of conspiracy to violate sanctions and operate an unlicensed money transmitting business.
From Sun-Kissed Shores to Courtroom Showdown: The Path to Extradition
What was meant to be a relaxing break quickly devolved. Besciokov was brought before a local Varkala district court and now faces a Monday appearance at the Patiala Court in New Delhi, where the full force of the U.S. charges will be presented.
The U.S. government, in a statement Wednesday, confirmed that the arrest was made at their request, asserting that Besciokov was allegedly planning to escape India. U.S. Justice Department spokesperson Nicole Oxman confirmed the arrest but refrained from further comment.
A Web of Deceit: Allegations and Evasive Maneuvers Surrounding Garantex
The DOJ indictment paints a damning picture of Garantex’s operations under Besciokov and Mira Serda’s control. According to court documents, between 2019 and 2025, the pair allegedly orchestrated a scheme to launder hundreds of millions in criminal proceeds, facilitating activities ranging from hacking and ransomware to terrorism and drug trafficking, often impacting U.S. victims.
The indictment further alleges that Besciokov, as Garantex’s primary technical administrator, personally reviewed and approved transactions, while Mira Serda, as co-founder and chief commercial officer, played a key role in the operation. The DOJ claims the duo knowingly concealed their facilitation of illegal activities, even providing incomplete and false information to Russian law enforcement when questioned about an account linked to Mira Serda.
Despite being sanctioned by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on April 5, 2022, for its role in money laundering, Garantex allegedly continued to transact with U.S.-based entities. The DOJ claims Besciokov and his co-conspirators actively redesigned Garantex’s operations to evade sanctions, including moving cryptocurrency wallets daily to obfuscate transactions from U.S. exchanges. The exchange also failed to register with the Financial Crimes Enforcement Network (FinCEN), a requirement for money transmitting businesses operating in the U.S.
Global Cooperation, Seized Assets, and a Damning Report: The Garantex Crackdown
The crackdown on Garantex is a multi-pronged, international effort. Last Thursday, U.S. law enforcement, led by the U.S. Secret Service (USSS), seized three website domains associated with Garantex: Garantex.org, Garantex.io, and Garantex.academy. Simultaneously, German and Finnish law enforcement seized servers hosting Garantex’s operations. U.S. authorities have also obtained copies of Garantex’s servers, including customer and accounting databases, and frozen over $26 million in funds linked to the alleged money laundering activities.
A recent report by blockchain analysis firm Chainalysis further exposes Garantex’s alleged connections to a network of illicit actors, including:
- Lazarus Group: A North Korean state-sponsored hacking group.
- SouthFront: A pro-Russian disinformation outlet.
- OMG!OMG! Market, Mega Darknet Market, and Solaris Market: Darknet marketplaces (DNMs) facilitating illicit transactions.
- Ekaterina Valeryevna Zhdanova: A Russian national sanctioned for large-scale crypto money laundering.
As well as: CSAM, scams, stolen funds, and many more.
The Fallout and Uncertain Future for Garantex and Aleksej Besciokov
Garantex, now reeling from the coordinated actions, has suspended operations and is attempting to reassure users. The company pledged to compensate users for blocked assets using its existing resources within Russia, comparing the process to a “financial institution rehabilitation procedure.” After this compensation, Garantex said, all of its “activities will cease… with the exception of the compliance department.”
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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
