Russian Sanctions-Evasion Crypto Exchange Suspends Operations After $13M Cyberattack

Grinex, a Russian cryptocurrency exchange utilized heavily for sanctions evasion, has suspended operations after losing over 1 billion rubles ($13 million) in what it claims was a massive cyberattack orchestrated by foreign intelligence agencies, The Moscow Times reported on April 16.

“Digital footprints and the nature of the attack indicate an unprecedented level of resources and technologies available exclusively to the structures of unfriendly states. According to preliminary data, the attack was coordinated with the goal of causing direct damage to the financial sovereignty of Russia,” the exchange said in a public statement.

Following the breach, Grinex announced the suspension of its platform and filed a formal police report.

Grinex was launched in 2025 following the crackdown by US authorities on Garantex, another prominent Moscow-based crypto exchange. In addition to rubles and USDT, Grinex serves as the primary trading platform for A7A5, widely considered the first stablecoin pegged directly to the Russian ruble.

Launched by the state-owned, defense-oriented Promsvyazbank and convicted Moldovan banker Ilan Shor, A7A5 has become a crucial tool for Russian cross-border payments under strict Western sanctions, with its turnover reaching $100 billion by early 2026, The Moscow Times wrote.

Read more

Category

Latest news

Russia’s Secret Crypto Weapon: Ruble Stablecoin Moves $9.3B to Evade Sanctions

Jun 25, 2025 16:58

Due to its role in facilitating the Russian war effort against Ukraine, US and the UK imposed direct sanctions on Grinex in August 2025. British authorities specifically stated that the exchange profited heavily from its cooperation with the Russian government in the financial sector. Its predecessor, Garantex, had been blacklisted by the US in April 2022 for directly facilitating cybercriminals and massive money laundering operations.

According to Grinex, the stolen funds were rapidly converted through various exchange services into TRX. The assets were then consolidated into a single wallet, which currently holds approximately 45.9 million TRX, valued at around $15 million. The exchange’s website currently displays a maintenance message, citing technical work “to improve the quality and stability of the platform.”

The European Union was recently preparing a blanket ban on all cryptocurrency transactions connected to Russia to close off remaining sanctions evasion channels. Moving away from targeting individual platforms, the proposed measures specifically focus on networks linked to the sanctioned exchange Garantex, the A7 payment platform, and its A7A5 stablecoin.

Despite existing restrictions, cumulative transactions involving A7A5 had surpassed $100 billion, enabling Russia to operate outside traditional banking systems. The draft sanctions package would also ban operations involving Russia’s planned digital ruble and aims to penalize third countries accused of facilitating these financial networks.

Help Ukrainian Units Hold the Drone Line

Download APP