US OFAC Officials Report Millions of Dollars in Money Laundering Through a Cryptocurrency – Funds Frozen

The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced sanctions against individuals and entities linked to a Russian money laundering network that used Tether (USDT) and other cryptocurrencies to facilitate illicit transactions.

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

The network, allegedly operated by Ukrainian national George Rossi, was centered around the TGR Group, which reportedly provided services such as cash-to-crypto exchanges, prepaid card solutions, and assistance for Russian citizens to acquire property in the UK. OFAC has imposed sanctions on five individuals and four entities connected to these activities.

TGR Group allegedly used Garantex OU, a Russian cryptocurrency exchange sanctioned by OFAC, to process USDT transactions. Garantex has faced accusations that it facilitated transactions linked to the Hydra dark market, a notorious hub for illicit 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 national Andrejs Bradens, is involved. Bradens is said to have ties to other TGR-affiliated entities, such as TGR Corporate Concierge LTD, a UK-based firm.

Elena Chirkinyan, described as a close associate of Rossi, played a key role in the network. According to the Treasury’s findings, Chirkinyan was involved in transferring funds from RT (formerly Russia Today) to support the operations of a sanctioned Russian-language media outlet in the UK. She also allegedly facilitated cash-for-cryptocurrency exchanges where USDT was sent to cryptocurrency addresses in exchange for cash.

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

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

*This is not investment advice.

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