Indian Authorities Arrest Key Developer of Russian Cryptocurrency Exchange Garantex
Indian authorities have arrested Aleksej Besciokov, a key technical developer of the now-defunct Russian cryptocurrency exchange Garantex, accusing him of assisting the platform in laundering over $96 billion, involving illegal transactions related to hacking, ransomware, and terrorist financing. The U.S. Department of Justice has filed multiple charges against him and may seek his extradition to the United States for trial.
Besciokov Accused of Assisting Garantex in Laundering $96 Billion
According to Reuters, Indian authorities recently arrested Aleksej Besciokov, who was one of the main developers and technical managers of the illegal cryptocurrency exchange Garantex.
The 46-year-old man, originally from Lithuania and a long-time resident of Russia, served as the technical manager of Garantex from 2019 to 2025, responsible for maintaining critical infrastructure and reviewing transactions. He assisted Garantex co-founder and Chief Business Officer Aleksandr Mira Serda in operating the platform, and both are suspected of aiding transnational criminal organizations and terrorist groups in international money laundering and sanctions violations.
The indictment from the U.S. Department of Justice states:
Since April 2019, Garantex has processed over $96 billion in cryptocurrency transactions, becoming an important tool for hacking, ransomware, drug trafficking, and terrorist financing.
Concealing Criminal Money Flows, U.S. Comprehensive Sanctions
The indictment points out that Besciokov and Mira Serda were well aware that Garantex was involved in laundering money from criminal activities and took measures to conceal illegal transactions on the platform, including providing incomplete transaction data to law enforcement agencies in various countries.
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As early as April 2022, Garantex was sanctioned by the U.S. Office of Foreign Assets Control (OFAC) for assisting ransomware attackers and the dark web marketplace Hydra in money laundering. However, Besciokov and his accomplices continued to attempt to evade sanctions by frequently changing wallet addresses and conducting transactions with U.S. companies, making it difficult for U.S. authorities to trace:
Even though Garantex operated large-scale financial transactions in the U.S., the platform never registered with the relevant authorities as required by U.S. financial regulations.
International Joint Law Enforcement, U.S. Cripples Garantex’s Website
Just last week, the U.S. Department of Justice (DOJ) announced a coordinated action with law enforcement agencies from Germany and Finland, successfully targeting Garantex’s network infrastructure and blocking its website and related assets.
The U.S. Secret Service (USSS) executed a court-authorized seizure warrant, which has now blocked three domains associated with Garantex’s operations: Garantex.org, Garantex.io, and Garantex.academy. Users attempting to access these websites will now see announcements of the law enforcement seizure.
It is reported that the three parties jointly obtained and controlled Garantex’s servers and user financial databases, while freezing over $26 million in illegal funds.
Nevertheless, Garantex is reportedly still holding physical meetings in its Moscow office, attempting to offer clients “full compensation” using assets within Russia that have not been seized.
Besciokov Faces U.S. Extradition, Potential Maximum Sentence of 45 Years
Currently, Mira Serda remains in the United Arab Emirates (UAE) and has not been arrested. Besciokov is detained in India and may be extradited to the U.S. for trial. He is scheduled to make his first court appearance in India on March 18. Both are charged with conspiracy to commit money laundering, which carries a maximum sentence of 20 years.
In addition, Besciokov faces:
- Violating the International Emergency Economic Powers Act (IEEPA), which carries a maximum sentence of 20 years
- Operating an unregistered financial business, which carries a maximum sentence of 5 years
The Department of Justice emphasized that this action demonstrates the commitment of the U.S. and international law enforcement agencies to combat illegal cryptocurrency trading and transnational money laundering activities.
Risk Warning
Investing in cryptocurrency carries a high level of risk, and its prices can be extremely volatile. You may lose all your principal. Please carefully assess the risks.