Russian crypto change Garantex has warned its customers that “all USDT in Russian wallets is currently under threat” after stablecoin large Tether froze $27 million price of USDT on the platform.
Garantex has additionally suspended all operations, and its web site is down for “technical work.”
The platform introduced the motion by Tether in a Telegram submit on Thursday. “Tether has entered the war against the Russian crypto market and blocked our wallets worth more than 2.5 billion rubles ($27 million),” it wrote.
It additionally assured customers that “We will fight, and we will not give up.”
Garantex was sanctioned by the European Union (EU) in February because it stepped up its efforts to convey an finish to what it known as “Russia’s war of aggression against Ukraine.”
In response to the EU, Garantex was “closely associated with EU-sanctioned Russian banks.”
“For the first time, the Council also decided to sanction a cryptocurrency exchange based in Russia, Garantex, which is closely associated with EU-sanctioned Russian banks,” the EU acknowledged in its announcement.
The Russian change can be already sanctioned by regulators in the US. The Division of the Treasury’s Workplace of Overseas Property Management (OFAC) took steps in opposition to the platform in April 2022.