Dmitry Machikhin: The Garantex Case Raises Concerns
In the “Podcast Society” on ForkLog’s YouTube channel, Dmitry Machikhin, founder of the AML service BitOK, explained why Garantex’s funds have vanished, the risks USDT holders face, who truly owns centralised crypto assets, and whether there is a future for the Russian crypto business.
The recent blockage of 2.5 billion rubles and the seizure of the domain by US authorities have caused panic among users. According to Machikhin, the exchange’s liquidity has been severely affected:
“These funds are no longer available. They are blocked, seized, and withdrawn.”
The expert emphasised that there is no direct damage to ordinary users, but wallets interacting with frozen addresses may receive a Seized Funds label, complicating their use.
Machikhin described the situation as expected:
“Tether is a centralised issuer. Everyone was aware of the smart contract functions that allow tokens to be frozen or minted.”
In response to a comment by Exved CEO Sergey Mendeleev about the “black swan”, the expert replied:
“The blockage was not unexpected. Tether has been cooperating with analytical companies like Chainalysis for years. The growth of Garantex’s turnover attracted attention, leading to these consequences.”
Machikhin stressed that this is not solely about sanctions.
“When the US Secret Service gets involved, it always ‘smells’ of hidden motives. Garantex’s funds will not return—they have been taken permanently. But the main thing is that ordinary users will not suffer if their wallets are not linked to the seized addresses,” he explained.
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