Russian crypto exchange Grinex shuts down after hack, dealing a blow to a sanctions-evasion network

Russian cryptocurrency exchange Grinex said last Wednesday it has ceased operations after a cyberattack that led to the theft of more than 1 billion rubles (about $13 million), according to ChainThink, citing DL News. In 2025, Grinex handled nearly $100 billion in transaction volume tied to the sanctioned stablecoin A7A5. Its closure is expected to weaken Russian companies' ability to convert rubles into usable international currencies and disrupt a shadow financial channel used to skirt sanctions. Grinex has been described as the successor to Garantex, a platform previously sanctioned and shut down. The U.S., Europe and the U.K. sanctioned Grinex in August 2025, alongside Old Vector, the issuer of A7A5.