Headline: Russian-linked exchange Grinex halts operations after cyber heist of ~1 billion roubles ($13M)
Grinex, a crypto exchange with close ties to Russia despite being registered in Kyrgyzstan, has suspended services after a large-scale cyber attack that stole roughly 1 billion roubles (about $13 million). In a Thursday statement, the platform blamed “foreign intelligence services,” saying the “digital footprints” and sophistication of the operation pointed to an unusually high level of resources and technology available only to actors from “unfriendly states.” The exchange added that preliminary information suggests the attack was aimed at undermining Russia’s financial sovereignty.
Blockchain intelligence firm Elliptic, which has monitored the platform, said Grinex is one of the main venues for converting Russian rubles into crypto assets and has strong operational ties to Russia. Elliptic further linked Grinex to Garantex, a Russian exchange that was sanctioned by the U.S. Treasury’s Office of Foreign Assets Control (OFAC). U.S. authorities accused Garantex of facilitating the laundering of “hundreds of millions of dollars” tied to ransomware, darknet markets, and state-sponsored hacking groups.
According to Elliptic, Grinex likely shares common ownership and management with Garantex and was launched in part as a response to the sanctions imposed on that platform. After Garantex was shut down, Elliptic says much of its liquidity and customer base migrated to Grinex. Elliptic also previously worked with the U.S. Secret Service to trace crypto wallets tied to Garantex, a probe that helped freeze about $26 million in stablecoins.
Grinex is additionally identified as a primary trading venue for A7A5, a ruble-backed stablecoin that Elliptic and other observers describe as part of a broader effort to evade sanctions. That stablecoin has reportedly been used to move more than $100 billion, according to available reports.
The incident highlights the growing intersection of geopolitics, sanctions enforcement and crypto markets—where exchanges, stablecoins and sophisticated cyber operations can quickly reshape flows of funds and regulatory scrutiny. Investigations and further reporting are ongoing.
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