Russian cryptocurrency exchange Garantex has announced plans to compensate users for frozen assets. According to the statement, refunds will be processed on an individual basis, with both in-person meetings and remote solutions available for client convenience.
The announcement states that Moscow residents can visit the Garantex office in the Federation Tower East in Moscow City to discuss refund conditions in person. For users from other regions, the company promises a "secure remote solution," with further details to be announced later.
How to Apply for Compensation
To apply for compensation, users must use the official Garantex bot on Telegram — Garantex | Official Bot (@Garantex_Meeting_Bot).
Applicants must provide the following information for verification:
- ID 7592121511 for confirmation.
- Full name as listed during account verification.
- Email address linked to the Garantex account.
- Phone number registered with Garantex.
The exchange emphasizes that it does not request account passwords or offer any paid services for asset recovery or withdrawals.
After submitting an application via YClients, users must send a screenshot of the confirmation to Garantex's technical support through the bot @garantexbot.
Beware of Scam Websites and Phishing Attacks
Garantex warns users that due to the uncertain status of its official website, some domains may have been hijacked by scammers. The exchange urges caution and advises users to trust only official communication channels:
- Official Telegram channel: @Garantex_Announcements.
- Backup Telegram channel: Garantex Russia.
Additionally, fraudulent websites impersonating Garantex have been identified, including garantex.art and garantex.cc. The company strongly advises users not to click on suspicious links and never share personal information, passwords, or login details.
Sanctions and Freezing of Garantex Funds
On March 6, Tether, the issuer of the USDT stablecoin, froze $27 million held in Garantex wallets. In response, the exchange immediately suspended all operations, including user withdrawals.
Shortly after, the U.S. Secret Service seized Garantex’s official website, and the European Union imposed additional sanctions on the platform, accusing it of connections with Russian banks under sanction restrictions.
Now, Garantex is seeking ways to resolve the situation and offer users alternative mechanisms for accessing their assets. However, it remains unclear what type of compensation will be provided and whether clients will regain full access to their funds.
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.