Tether, operator of the stablecoin USDT, has frozen $27 million in USDT on sanctioned Russian crypto exchange Garantex, prompting the platform to cease operations temporarily.
The exchange has announced:
"Tether has entered the war against the Russian crypto market and blocked our wallets worth more than 2.5 billion rubles [$27 million]."
As a result, the platform has temporarily halted all its services, including withdrawals, while its website undergoes maintenance work.
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This development follows the European Union's decision to sanction Garantex on February 26 as part of its 16th package of sanctions related to "Russia’s war of aggression against Ukraine."