Russian crypto exchange Grinex shuts down after $13 million cyber theft

Russian cryptocurrency exchange Grinex said last Wednesday it has halted operations after a cyberattack led to the theft of more than 1 billion rubles, or about $13 million, according to DL News. The outlet reported that Grinex handled nearly $100 billion in 2025 trading volume tied to A7A5, a sanctioned stablecoin. Its closure is expected to significantly weaken Russian companies' ability to convert rubles into usable international currencies and to hit what the report described as a shadow financial system used to evade sanctions. Grinex had been viewed as a successor to Garantex, which was previously sanctioned and shut down. In August 2025, Grinex and Old Vector, the issuer of A7A5, were jointly sanctioned by the United States, Europe and the United Kingdom.