US OFAC Officials Reported Millions of Dollars of Money Laundering Through a Cryptocurrency! Funds Frozen

United States Department of the Treasury Office of Foreign Assets Control (OFAC) for intermediary in illegal transactions Tether (USDT) and other crypto coins announced sanctions against some individuals and organizations linked to a Russian money laundering network that uses

The sanctions, part of a joint effort with the United Kingdom and the United Arab Emirates, aim to dismantle the network’s activities.

TGR Group was at the center of the network, allegedly operated by Ukrainian citizen George Rossi. This organization reportedly provides services such as cash-to-crypto exchanges, prepaid card solutions, and assistance for Russian citizens to acquire property in the United Kingdom. OFAC sanctioned five individuals and four entities associated with these activities.

TGR Group allegedly leveraged OFAC-sanctioned Russian cryptocurrency exchange Garantex OU to process USDT transactions. Garantex had faced accusations that it facilitated transactions linked to the Hydra dark market, a known hub for illegal online activity.

TGR Group’s operations span multiple jurisdictions, including Wyoming, where Pullman Global Solutions LLC, a company reportedly more than 50% owned by Latvian citizen Andrejs Bradens, is involved. Bradens is said to have ties to other TGR affiliates such as TGR Corporate Concierge LTD, a UK-based firm.

Elena Chirkinyan, described as a close associate of Rossi, played an important role in the network. According to the Treasury’s findings, Chirkinyan was involved in the transfer of funds from RT (formerly Russia Today) to support the activities of a sanctioned Russian-language media outlet in the UK. It is also claimed to enable cash-for-crypto exchanges, where USDT is sent to cryptocurrency addresses in exchange for cash.

Chirkinyan is also accused of assisting Russian citizens to buy property in the UK, further consolidating the network’s financial influence.

It revealed that Tether froze approximately $8 million in assets connected to the network on the day the sanctions were announced.

*This is not investment advice.