March 7 (UPI) — Working with Germany and Finland, U.S. officials disrupted and took down the online infrastructure used to operate Garantex, a cryptocurrency exchange that allegedly facilitated money laundering by transnational criminal organizations.
Those organizations included terrorist groups, according to U.S. Justice Department officials, who made the announcement in a press release on Friday.
An indictment unsealed in the Eastern District of Virginia leveled charges against Aleksej Besciokov, 46, a Lithuanian national and Russian resident, and Aleksandr Mira Serda (also known as Aleksandr Ntifo-Siaw), 40, a Russian national and United Arab Emirates resident, according to Justice officials.
According to the indictment, Garantex has processed at least $96 billion in cryptocurrency transactions since April 2019.
In the release, Justice officials said Mira Serda and Besciokov are charged with money laundering conspiracy, and Besciokov is charged with conspiracy to violate sanctions and conspiracy to operate an unlicensed money transmitting business.
Garantex was run by Mira Serda and Besciokov from 2019 to 2015, according to Justice officials. Authorities said Besciokov was Garantex’s main technical administrator and responsible for maintaining critical Garantex infrastructure, as well as reviewing and approving transactions. Officials say Mira Serda was Garantex’s co-founder and chief commercial officer.
U.S. officials say the crypto exchange Garantex received hundreds of millions in criminal funding and was used to “facilitate various crimes, including hacking, ransomware, terrorism, and drug trafficking, often with substantial impact to U.S. victims.”
Besciokov and Mira Serda knew that the exchange was facilitating crimes, Justice officials said, adding that Garantex took steps to conceal the facilitation of illegal activities, such as money laundering, on its platform.
According to Friday’s release from the Justice Department, in April 2022 the U.S. Department of the Treasury’s Office of Foreign Assets Control sanctioned Garantex for its role in facilitating money laundering of funds from ransomware actors and so-called darknet markets.
According to court documents cited in Friday’s release, “despite the widespread publicity of the sanctions and Garantex administrator’s personal knowledge of them, Besciokov and his co-conspirators violated those sanctions by continuing to transact with U.S.-based entities.
“Further, Besciokov and his co-conspirators redesigned Garantex’s operations to evade and violate U.S. sanctions and induce U.S. businesses to unwittingly transact with Garantex in violation of the sanctions,” Justice officials said.
As an example of attempts at evasion, Justice officials said Garantex allegedly moved its operational cryptocurrency wallets to different virtual currency addresses on a daily basis “in order to make it difficult for U.S.-based cryptocurrency exchanges to identify and block transactions with Garantex accounts.”
Additionally and despite doing a notable amount of business in the United States and operating as a money transmitting business, Garantex failed to register with the Financial Crimes Enforcement Network as required, Justice officials said.
The U.S. Justice Department said that, on March 6, U.S. law enforcement executed a seizure order authorized by a judge in the Eastern District of Virginia against three website domain names used to support Garantex’s operations: Garantex.org, Garantex.io, and Garantex.academy.
According to officials, the seizure will prevent the sites from being used for money laundering and any other crimes. Individuals who go to those sites now see a message indicating that the site has been seized by law enforcement.
Additionally, officials said Friday that German and Finnish law enforcement also seized servers hosting Garantex’s operations. U.S. law authorities, according to the Justice Department, have separately obtained earlier copies of Garantex’s servers, including customer and accounting databases. More than $26 million in funds used to facilitate Garantex’s money laundering activities have been frozen, U.S. officials said.
If convicted, Besciokov and Mira Serda face decades behind bars.
Donald Trump uses his presidency to enlarge his private fortune in ways that none of his predecessors ever ventured to attempt.
In his first year back in office, Trump reported $2.2 billion in income, of which about $1.4 billion represented new revenues from cryptocurrency businesses, according to his annual Personal Financial Disclosure for 2025, released June 30.
Trump, as president last year, thus hauled in more money than he did in any previous year. One big chunk of the $1.4 billion was $635 million from a license agreement for his so-called $TRUMP digital “meme” coins, also called “crypto” coins or “tokens.”
$TRUMP coins surfaced three days before his inauguration on Jan. 20, 2025. The following month, Trump’s Securities Exchange Commission — newly weakened at the president’s demand — announced that such tokens would no longer come under SEC oversight.
A few weeks after that, in May, Trump hosted a dinner for the top 220 $TRUMP holders at his private golf club in Northern Virginia, just outside of Washington.
While the president raked it in, one million buyers of the meme coin lost a total $3.81 billion, a private analytics firm revealed.
Trump has yet to specifically address having snared so much money from these losing investors.
Under the Biden administration, SEC Chairman Gary Gensler pursued the crypto sector with enforcement actions. Gensler said the business was like the “wild west” and warned that without strong federal oversight assuring integrity, crypto could prove disastrous for the financial system. Trump promised during his campaign to fire Gensler, who instead quit on Inauguration Day.
It’s now also revealed that Trump raked in $525 million from crypto token sales by World Liberty Financial, founded by the president and his sons Donald Jr. and Eric. Beyond token sales, other investment and sales income related to WLF reportedly totaled more than $350 million.
Coziness between the administration and the industry is apparent. WLF has an important business relationship with Binance, a global cryptocurrency exchange and blockchain ecosystem. A blockchain is a secure, shared digital ledger that stores information across a network of computers in a way that tech experts say cannot be tampered with. Transactions can be made opaque to regulators. In the lingo of the trade, Binance acts as WLF’s primary liquidity provider, code developer, and central market for WLF’s stablecoin called USD-1, because its value is pegged to the U.S. dollar.
Changpeng Zhao, Binance’s founder and former head, pleaded guilty in 2023 to violating money laundering laws. But Trump pardoned him in October 2025. Very suspiciously, the president told news media he didn’t know who Zhao was.
Last week, during an Oval Office appearance, Trump broadly denounced past enforcement actions against crypto shenanigans and bragged: “Every time I see a crypto guy where they dropped an investigation I said, ‘You’re lucky I’m president.’ ”
So it will take no deep probe to discover that Trump’s championing of crypto, and his family’s interest in it, undermine the impartiality of his government’s regulatory and enforcement role.
The rise of World Liberty Financial also raises disturbing suspicions of foreign nationals buying favor with the White House. One Abu Dhabi-backed firm invested $2 billion in its stablecoin. Trump’s commerce secretary, Howard Lutnick, and his son Brandon, have been involved in developing WLF along with Mideast emissary Steve Witkoff and his sons.
Corruption is defined in the dictionary as “the dishonest, fraudulent, or illegal misuse of entrusted power for personal gain.” The question is how explicitly and specifically Trump’s actions meet the definition.
Even without counting Trump’s garish promotion of an industry from which he benefits bigly, no other president has cashed in even close to his other, non-crypto ventures, worth $800 million for 2025. That includes his golf courses, hotels, traditional real estate, lawsuits, branded merchandise, stock gains and licensing agreements.
But because of its unique, cutting-edge role, crypto puts up the biggest numbers for Trump’s rapid acquisition of wealth. And that’s where the massive controversial issues lie for the future.
Consumer advocates and traditional financial experts predict trouble and complex difficulties not for Trump but for the public, investors, and consumers under the new regime, with its radical preemption of enforcement against shady practices.
Of the many consumer groups that condemned the Trump crypto windfall, one organization, Public Citizen, stands out for its comment: “Donald Trump’s grift is degrading the presidency, ripping off consumers and investors, and driving dangerous policy that risks future financial crises.”
“The least that Congress can do in light of this disclosure is insist on language in cryptocurrency legislation prohibiting the president and other federal officeholders from trading or holding crypto assets while in office.”
The open question is how that will happen unless Congress and executive agencies stop passively obeying Trump’s demands. This scandal is about an unheard-of level of self-dealing by the government’s most powerful individual. There is litigation involving WLF, but a resolution cannot be expected quickly.
Perhaps only more crypto losers, like those who bought a Trump meme coin, will inspire future reforms.
MEMBERS OF THE EDITORIAL BOARD are experienced journalists who offer reasoned opinions, based on facts, to encourage informed debate about the issues facing our community.
Morgan Stanley’s proposed ethereum and solana exchange-traded funds (ETFs) would enter a market where issuers increasingly offer similar exposure to the same assets. The firm recently amended both filings with the U.S. Securities and Exchange Commission (SEC) to include a 0.14% management fee, below Grayscale’s 0.15% and Franklin Templeton’s 0.19%. The narrow spread signals intensifying price competition.
Brian Rudick, chief strategy officer at Solana treasury company Upexi and formerly head of research at crypto trading firm and liquidity provider GSR, argued that the fee matters less than what it suggests about the market’s development. On July 9, he shared on X:
“Issuers don’t compete on price until the product is close to a commodity and the fight is for share, the same compression the spot BTC ETFs went through.”
“ SOL ETF AUM already crossed $1B, led by Bitwise’s BSOL, so there is real share to fight over,” he added.
The argument places the 0.14% fee within a shift from product creation to asset gathering. Once several issuers offer similar exposure, management costs become one of the clearest points of distinction. His comparison with spot bitcoin ETFs suggests ethereum and solana products may be entering the same phase of fee compression.
Bitwise launched its solana ETF, BSOL, on NYSE Arca in October 2025, marking the first U.S.-listed vehicle to provide direct exposure to spot SOL. The fund goes beyond simple price tracking by actively staking its holdings, allowing staking rewards to contribute to fund returns after applicable expenses.
The Morgan Stanley Ethereum Trust would trade on NYSE Arca under the ticker MSSE and track the Coindesk Ether Benchmark 4PM NY Settlement Rate. Alongside its proposed 0.14% fee, Morgan Stanley Investment Management intends to stake 50% to 80% of the trust’s ether under normal conditions.
BNY and Coinbase Custody would hold the ethereum trust’s assets. Staking providers and custodians would receive an aggregate 5% of staking rewards, leaving the remainder with the trust. Net rewards would be distributed monthly, but at least quarterly, though the filing does not guarantee the amount.
The Morgan Stanley Solana Trust would trade on NYSE Arca under the ticker MSOL and track the Coindesk Solana Benchmark 4PM NY Settlement Rate. It would also carry a proposed 0.14% fee. The trust may stake up to 100% of its SOL while keeping some holdings unstaked for redemptions, expenses and distributions.
BNY and Coinbase Custody would also serve as custodians for MSOL. Staking providers and custodians would receive 5% of staking rewards, leaving 95% with the trust. Net rewards would be distributed monthly, but at least quarterly, while validator block rewards and transaction fees would not accrue to shareholders.
Morgan Stanley has already used the same fee level in its spot bitcoin product. The Morgan Stanley Bitcoin Trust began trading under the ticker MSBT on April 8, 2026, with a 0.14% annual management fee. That undercut Blackrock’s IBIT at 0.25% and Bitwise’s spot bitcoin ETF at 0.20%.
MSBT became the first proprietary spot cryptocurrency ETF launched under the name of a major U.S. commercial bank. As of July 10, 2026, it traded at $18.47 per share and held about $364.23 million in total net assets. Its debut ranked in the top 1% of ETF launches by volume and early adoption.
The proposed ETH and SOL funds remain preliminary, and shares cannot be sold until the registration statements become effective. No firm launch dates have been announced. SEC effectiveness and subsequent asset flows would show whether Morgan Stanley’s combination of low fees, staking income and bank-backed distribution can win market share.
The cryptocurrency market dynamics have been consistent over the years, with prices fluctuating in cycles and trends. Such a pattern triggers discussions among crypto community members, particularly key opinion leaders and experts who explore researched data and historical trends to predict the future.
Notably, the evolving nature of the Bitcoin ecosystem triggers sentiments that differ from the digital asset’s early days. Experts analyzing this new phase, alongside developments in alternative cryptocurrency ecosystems, are projecting the crypto market, leaving pointers of what users should expect.
One such expert and key opinion leader is Samson Mow, CEO of Jan3, a blockchain project that aims to accelerate hyperbitcoinization. In a recent interview, Mow highlighted the scarcity of Bitcoin that many users have yet to recognize. According to Mow, most people still don’t get what true scarcity means.
🚨 BIG Bitcoin Scarcity Warning from @Excellion (SAMSON MOW, CEO of @JAN3com) 🚨 — COACHTY (@TheRealTRTalks) July 8, 2026
Most people still don’t get what true scarcity means.
“There’s so much demand right now — from $Strategy, ETFs, nation-states, and regular HODLers — that most of the year’s mined $BTC supply is… pic.twitter.com/i2v1BvUadC
The renowned Bitcoin expert explained that there is so much demand for Bitcoin from Michael Saylor’s Strategy, ETFs, nation-states, and regular HODLers. He noted that demand is so high that most of the year’s mined $BTC supply has already been taken up multiple times over.
Mow cited a pattern among many Bitcoiners who typically postpone buying $BTC during pullbacks, expecting that the price would drop further. He emphasized that “there is no later” with Bitcoin, predicting the price will return above $100,000 soon. According to Mow, every institution on earth wants a share of the 21 million Bitcoin supply, which would make the cryptocurrency more expensive in the future.
For context, BlackRock has reportedly resumed accumulating $BTC. After recording steady outflows for approximately two weeks, the asset manager reversed course by purchasing $250 million worth of Bitcoin over the past two days. Besides direct purchases, on-chain data show several $BTC transfers from Coinbase Prime to the IBIT BlackRock wallet, valued at around $17 million to $19 million.
BlackRock’s crypto asset holdings have crossed $50.3 billion, comprising 730,440 $BTC, equivalent to $45.52 billion, and 2.752 million $ETH worth $4.79 billion. According to experts, BlackRock’s crypto accumulation pattern indicates that institutional demand for $BTC and $ETH remains unabated.
Popular crypto influencer, identified as Tanaka on X, aligns with the growing $ETH demand philosophy. Tanaka described the propagation of settlement layers, such as the Robinhood Chain and the Arbitrum Orbit, as clear examples of how TradFi can move on-chain via L2s. He noted that these solutions create scenarios that funnel into increased demand for $ETH.
Tanaka highlighted the recent surge in meme activity on these chains, noting that the solutions go beyond that, covering real-world assets (RWAs), stock tokens, lending, and DeFi. According to Tanaka, L2 activities settle back to Ethereum, $ETH gas creates demand for using the cryptocurrency, while stock tokens, such as NVDA, AAPL, and GOOG, are going on-chain, all boosting demand for $ETH.
Meanwhile, Tanaka cited a scenario that could create more demand for Ethereum—Robinhood onboarding retail TradFi into tokenized stocks and DeFi. According to him, that would be a very positive signal for $ETH. In the meantime, Ethereum is used as the settlement layer for RWA, DeFi, and traditional financial products.
It is worth noting that developments around the Robinhood Chain are not the only factors behind $ETH’s potential demand. Tanaka noted that, despite considering it a positive catalyst, $ETH still depends on $BTC, macro, ETF flows, and Ethereum upgrades to sustain its momentum and remain relevant in the cryptocurrency ecosystem.
Besides Bitcoin and Ethereum, crypto experts consider the meme coins ecosystem another relevant sector of the crypto market, despite the changing dynamics. Zippy, a key opinion leader in the meme coin sector, stated that the lifecycle of meme narratives is getting shorter with every cycle. According to him, what used to last for days or even weeks now often fades within 24 hours.
Zippy noted that most meme tokens experience sharp corrections as soon as liquidity rotates elsewhere. He explained that the new pattern does not mean the meme market is over. Instead, it signifies that capital is rotating at a much faster pace, and rather than staying with one token, the market is constantly chasing the next story.
The meme coin opinion leader noted that the new ecosystem narrative has emerged with meme waves led by ecosystems attracting fresh liquidity rather than old narratives trying to recover. He identified Robinhood as one of the leading ecosystems currently drawing attention in the meme coin sector.
However, Zippy noted that timing matters as much as conviction in the current meme ecosystem dispensation. According to him, sometimes, knowing when to exit is more valuable than knowing when to buy.
Related:Bitcoin Scarcity Gets Real as 403K $BTC Leaves Exchanges
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