Garantex and Russia’s use of Kyrgyzstan’s Crypto Economy for Illicit Finance

Russia continues to rely on cryptocurrency to circumvent sanctions and move illicit funds across borders — often through networks that extend beyond its immediate jurisdiction. In this session, Chris Keegan will examine how Russia-linked actors are exploiting Kyrgyzstan’s crypto ecosystem to register new platforms and rebuild infrastructure previously associated with Garantex. TRM intelligence has identified behavioral overlaps, shared transaction heuristics, and infrastructure components that suggest these entities may be operated by the same networks behind previously sanctioned services. The session will also explore how funds are funneled through high-risk exchanges and ultimately off-ramped through larger global platforms. Attendees will gain insight into how blockchain analytics can reveal hidden linkages and support disruption of transnational crypto-enabled financial activity.