Russian Crypto Exchange Grinex Halts Operations After $13M Hack, Threatening Sanctions Evasion Network

Gate News message, April 20 — Russian cryptocurrency exchange Grinex announced it was ceasing operations last Wednesday (April 16), citing a cyberattack that resulted in losses exceeding 1 billion rubles, or approximately $13 million, according to DL News.

Grinex had processed nearly $100 billion in trading volume for the sanctioned stablecoin A7A5 during 2025. The exchange's shutdown is expected to weaken channels for Russian businesses to convert rubles into usable international currencies and deal a significant blow to the country's shadow finance system used to circumvent sanctions. Grinex was regarded as the successor to the already-shuttered Garantex and, along with A7A5 issuer Old Vector, faced sanctions from the United States, European Union, and United Kingdom in August 2025.