The U.S. State Department, alongside the Treasury Department, has announced a significant reward initiative in response to a major cryptocurrency scheme allegedly operated by Russian entities. As of August 14, 2025, officials revealed that they are offering rewards totaling up to $6 million for information that leads to the arrest of individuals involved in this extensive operation.
According to reports from the FBI and Secret Service, the cryptocurrency exchange known as Garantex has been involved in laundering billions of dollars through various illicit activities, including hacking, ransomware attacks, terrorism financing, and drug trafficking schemes. The exchange has been linked to a network of criminals and cybercrime organizations that have exploited digital currencies for nefarious purposes.
Between April 2019 and March 2025, Garantex reportedly processed a staggering $96 billion in cryptocurrency transactions. The scale of this operation has raised alarms among U.S. officials, prompting the reward initiative aimed at dismantling such networks.
“We are committed to bringing those involved in these criminal activities to justice,” said a spokesperson from the State Department.
As part of the reward offering, the State Department has set individual rewards of $5 million for information concerning Russian national Aleksandr Mira Serda and $1 million for other leaders associated with Garantex. This move underscores the U.S. government’s determination to tackle the growing threat posed by cryptocurrency-related crime.
In addition to Garantex, authorities are also focusing on Grinex, a cryptocurrency exchange identified as the successor to Garantex. This ongoing investigation highlights the U.S. government’s efforts to address the challenges posed by digital currencies, particularly in relation to their use in facilitating criminal activities.
The rewards offered by the State Department serve not only as an incentive for individuals to come forward with critical information but also as a message to those engaged in cryptocurrency fraud: such activities will not go unpunished. As the situation continues to evolve, law enforcement agencies are working diligently to track down the individuals responsible and prevent further exploitation of digital financial systems.
For those with information regarding this case, the State and Treasury departments encourage you to reach out to the relevant authorities. With the stakes high and the potential for significant financial crime in the cryptocurrency sector, cooperation from the public is pivotal in combating these illicit operations.
The announcement and the ongoing investigation reflect an increasingly proactive stance by the U.S. government in addressing the intersection of technology and crime, reaffirming the commitment to uphold the integrity of the financial system in an ever-evolving digital landscape.
For more details, you can refer to the original report from UPI.
