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Bloomberg reported on March 28, 2024, that US and UK authorities were reviewing more than $20 billion in cryptocurrency transactions that passed through Russia-based exchange Garantex and involved Tether (USDT). The report cited unnamed people familiar with the matter. It did not establish that the full amount was illicit or that authorities had publicly confirmed a sanctions violation. The sources available here do not establish the review’s outcome.
What did the reported $20 billion review cover?
According to Bloomberg’s March 28, 2024 report, the transactions passed through Garantex after the exchange had been sanctioned and involved Tether, a cryptocurrency commonly identified by the ticker USDT. Bloomberg attributed the reported review to people familiar with the matter who were not named.
The figure describes the value of transactions reportedly being examined—not a determination that $20 billion was stolen, laundered, or moved in violation of sanctions. The report connected the review to efforts to address sanctions evasion, but the cited sources do not provide a public list of the transfers or a finding about each one.
Was the review officially confirmed, and what happened to it?
The sources cited here do not contain a public US or UK announcement confirming the specific review Bloomberg described, nor do they establish a public outcome for it. That does not prove no government review occurred; it means the reported figure and review should be attributed to Bloomberg rather than presented as an official public finding.
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There is no official quote in these sources about the specific $20 billion review. A separate Justice Department announcement in September 2022 discussed the broader challenge of digital-asset crime. Attorney General Merrick B. Garland said, “As digital assets play a growing role in our global financial system, we must work in tandem with departments and agencies across government to prevent and disrupt the exploitation of these technologies to facilitate crime and undermine our national security.” The statement was not a comment on the later reported review.
How do the $20 billion, $100 million and $96 billion figures differ?
These amounts come from different publishers, dates, periods, and kinds of statements. They should not be treated as rival estimates of the same transactions.
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| Figure | Source and date | What it describes | Status |
|---|---|---|---|
| More than $20 billion | Bloomberg, March 28, 2024 | Transactions reportedly under review that passed through Garantex and involved Tether, according to the report. | Bloomberg reporting based on unnamed people familiar with the matter; not an official public finding that the amount was illicit. |
| Approximately $100 million | US Treasury, April 5, 2022 | Transactions associated with illicit actors that Treasury said had been facilitated through Garantex. | Official Treasury statement; a differently scoped figure from the later reported review. |
| At least $96 billion | US Justice Department, March 7, 2025 | Cryptocurrency transactions Garantex had processed since April 2019, according to DOJ. | Official DOJ statement covering broader exchange activity over a longer period, not a revised figure for Bloomberg’s 2024 report. |
The Treasury’s April 5, 2022 sanctions announcement said approximately $100 million in transactions associated with illicit actors had been facilitated through Garantex. The DOJ’s March 7, 2025 announcement said Garantex had processed at least $96 billion since April 2019 and described an international operation that disrupted the exchange. The longer-period total does not establish the status or contents of the transactions Bloomberg reported as under review.
What did the US sanctions against Garantex mean?
On April 5, 2022, Treasury announced sanctions against Russia-based Garantex in a coordinated operation involving US authorities and German law enforcement. The announcement identified the exchange as a target of the action and gave Treasury’s estimate of transactions associated with illicit actors facilitated through it.
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Sanctions can restrict dealings with a designated person or entity for people and organizations subject to the relevant rules. OFAC guidance explains that applicable US sanctions restrictions include virtual-currency transactions. That general rule does not, by itself, establish that a particular transaction described in a news report violated sanctions. Whether a transaction is prohibited depends on the applicable rules and its specific parties and circumstances.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why can investigators trace cryptocurrency transfers without immediately proving a violation?
Cryptocurrency transfers can be examined through transaction records associated with wallet addresses, but identifying the people or entities behind addresses and establishing what a transfer means require further investigation. The DOJ’s 2025 announcement said Garantex changed wallet addresses in ways intended to hinder identification. A transaction’s appearance in a flow of funds does not alone prove who controlled it, why it occurred, or whether it violated a law or sanctions restriction.
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For that reason, a reported review, an official estimate of activity, and a legal finding are different kinds of claims. Bloomberg’s $20 billion figure belongs to the first category; Treasury’s 2022 and DOJ’s 2025 figures are government statements with their own stated scope.
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What readers can conclude
- Bloomberg reported that US and UK authorities were reviewing more than $20 billion in post-sanctions transactions that passed through Garantex and involved Tether.
- The report did not establish that all of the transfers were illicit or that the full amount violated sanctions.
- Treasury’s approximately $100 million figure and DOJ’s at-least-$96-billion figure describe different activity, periods, and official statements—not confirmations of the reported review total.
- The sources cited here do not establish a public outcome for the specific review.
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