Russian cryptocurrency exchange Grinex has ceased operations following a cyberattack that resulted in the theft of over 1 billion rubles, equivalent to approximately $13 million. The shutdown, announced last Wednesday, disrupts a significant sanctions evasion network, as Grinex was instrumental in processing nearly $100 billion in transaction volume for the sanctioned stablecoin A7A5 in 2025. Grinex's closure is expected to severely impact Russian businesses' ability to convert rubles into international currencies, undermining their shadow financial systems. The exchange, considered the successor to the previously sanctioned Garantex, was itself sanctioned by the United States, Europe, and the United Kingdom in August 2025, alongside A7A5 issuer Old Vector.
Russian Crypto Exchange Grinex Shuts Down After $13 Million Hack
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