Indian authorities have confirmed in a recent announcement that they have arrested Lithuanian national Aleksej Besciokov. Besciokov is wanted by the U.S. for involvement in laundering money for top crypto criminals. This arrest comes in a moment where the crypto market is putting up a fight against crypto crimes. 

Recently, the market has faced various crimes including pump-and-dump schemes and cyber attacks. One notable incident is the ByBit hack which left $1.4 Billion stolen by Lazarus Group. A hack of this level has never been experienced before and has since left authorities vigilant to capture crypto criminals. 

Details of The Arrest and Garantex Scrutiny 

According to the press release shared by Indian Central Bureau of Investigation (CBI), Aleksej Besciokov was arrested following a joint effort of CBI and Kerala police. Besciokov was arrested in Thiruvananthapuram as he planned to flee the country. The detainee is wanted by the U.S for a number of charges. 

These charges include Money Laundering, violation of the US International Emergency Economic Powers Act and operation of Unlicensed Money Services Business. Furthermore, Besciokov is wanted for using Garantex to launder crypto crime proceeds. 

“It is alleged that the subject and other conspirators operated ‘Garantex’ a cryptocurrency exchange to launder the proceeds of the criminal activity including Ransomware, Computer Hacking and Narcotics Transactions,” the press release read. The exchange first received sanctions from the U.S. Treasury’s Office of Foreign Asset Control (OFAC) in 2022. 

Additionally, Garantex had been linked with Hydra, the world’s largest darknet marketplace, before it was dismantled in 2022. After Garantex was taken down by the U.S, German and Finnish governments, a crypto seizure amounting to $28 million was confiscated. The U.S. Justice Department declared legal charges against the two operators who managed the exchanges (Garantex and Hydra). 

Garantex has been associated with money laundering activities supporting ransomware groups including Conti and Black Basta. Furthermore, claims have it that the exchange may also have helped North Korean notorious hackers, Lazarus Group, launder stolen cryptocurrencies. The number of allegations associated with Garantex has made Besciokov a prime target for U.S law enforcers cracking down on crypto-criminals.

Indian Authorities to Extradite Besciokov to U.S For Case Hearing

Besciokov will face an extradition hearing in the Patiala House Court in Delhi as part of the extradition process. As per the report by CBI, the U.S Ministry of External Affairs had requested for the extradition of the subject upon arrest. 

The arrest warrant under the Extradition Act of 1962 was issued by the Patiala House Court in March. 10, 2025 hence the arrest of the subject.  After his extradition hearing, Besciokov will be handed over to the U.S authorities to face the charges he is alleged to have committed. 

Arrest of Besciokov is A Win For the Crypto Industry 

Crypto market has experienced notorious crypto scams lately with criminals using very sophisticated methods to steal crypto. While Besciokov may not have been involved in hacking activities, his exchange facilitated crypto crime proceeds laundering.  

The crypto market has celebrated the arrest of Besciokov. The arrest puts out a warning to all crypto criminals and strengthens the fight against crypto crimes. Additionally, tighter regulations and apprehension of crypto criminals is crucial for the governing of the crypto sector to prevent losses by investors.