In an effort to combat cybercrime, the US DOJ is offering Garantex executives a $6 million bounty.

One of the biggest financial incentives ever offered in a cybercrime case, the U.S. Department of Justice (DOJ) has announced a $6 million bounty for information that leads to the arrest or conviction of executives connected to the now-defunct cryptocurrency exchange Garantex.

Once a thriving cryptocurrency exchange, the exchange was sanctioned in 2022 for massively facilitating money laundering. According to investigators, Garantex executives intentionally permitted cybercriminals, such as darknet marketplaces and ransomware gangs, to transfer illegal funds through their system, thereby laundering over $100 million.

The reward is a component of the State Department’s “Rewards for Justice” program, which targets cybercriminals with a global reach, according to DOJ officials. Deputy Attorney General Lisa Monaco stated, “By putting a price on the heads of Garantex’s leaders, we’re making it clear: there is no safe haven for those who profit from digital crime.”

Experts in cybersecurity see the action as both pragmatic and symbolic.The reward not only encourages insiders and affiliates to defect from Garantex’s leadership, but it also puts pressure on foreign law enforcement organizations to prioritize arrests.According to analyst David Collins, “Six million dollars changes loyalties.””This might be the start of a chain reaction throughout the cybercrime ecosystem.”

The announcement coincides with a larger U.S. campaign to combat crime enabled by cryptocurrency. Authorities charged people with using shell corporations to launder digital currencies just last month after seizing servers connected to ransomware operations.

With Garantex’s executives believed to be residing in Russia or neighboring countries, the bounty highlights growing geopolitical tensions in the fight against cyber-enabled financial crime. As one official put it: “The world of illicit crypto may feel borderless, but justice has a long reach.”