Russian cryptocurrency exchange Garantex has temporarily suspended all its services after Tether froze $28 million worth of USDT held on the exchange. The announcement came via a Telegram post from Garantex on March 6,

"Tether has entered the war against the Russian crypto market and blocked our wallets worth over 2.5 billion rubles," Garantex said.

The U.S. Secret Service seized the website of the Russian exchange Garantex in collaboration with the FBI, Europol, and the Department of Justice’s Criminal

The U.S. Secret Service, in collaboration with international law enforcement, took down the website of Russian crypto exchange Garantex due to alleged connections to sanctioned Russian banks and criminal organizations. This action came after stablecoin issuer Tether froze $28 million in USDT on the exchange.

Tether froze over $28M in Garantex wallets, forcing the Russian exchange to halt withdrawals amid growing regulatory scrutiny.

Russian cryptocurrency exchange Garantex on Thursday said stablecoin Tether had blocked digital wallets on its platform holding more than 2.5 billion roubles ($28 million), forcing it to suspend operations days after coming under EU sanctions.

The exchange, which has been linked to Russian banks under EU sanction and criminal groups, has been a target of investigators for years.

The U.S. Secret Service has seized the web infrastructure tied to Russian cryptocurrency exchange Garantex as part of an ongoing international law enforcement operation, according to a seizure notice seen by Axios and an agency spokesperson.

An international coalition of law enforcement agencies seized the official website of Garantex, which has previously been sanctioned by the U.S. and E.U. governments.