Jens Asbjørn Bøgen
The platform is sanctioned and suspected of being used by Russians to get around sanctions.
A cryptocurrency platform used by Russian clients has abruptly suspended its services after reporting a significant security breach.
The exchange said the attack targeted user funds and may have involved highly sophisticated actors.
Sudden shutdown
According to the independent Russian outlet Meduza, Grinex announced on April 16 that it would halt operations following what it described as a large-scale cyberattack, in a statement posted on its Telegram channel.
The platform reported that more than 1 billion rubles ($13 million USD) had been stolen from users’ crypto wallets. It added that the wallet addresses affected by the breach had been made public.
Company representatives pointed to the complexity of the operation, stating: “The digital traces and nature of the attack point to an unprecedented level of resources and technology available exclusively to the structures of hostile states.”
They added that early findings suggest the incident was designed to undermine Russia’s financial system and confirmed that law enforcement agencies had been contacted.
Platform background
Grinex presents itself as a major crypto exchange facilitating transactions between Russian businesses and individuals.
According to the Financial Times, the platform was launched in Kyrgyzstan in early 2025.
The exchange introduced trading in A7A5, a ruble-pegged stablecoin backed by deposits at Promsvyazbank, a Russian lender under international sanctions.
The Financial Times reported that the token was intended to support cross-border payments involving Russia amid ongoing sanctions. Grinex has maintained that it complies with international regulatory frameworks.
Sanctions concerns
Transparency International Russia has linked Grinex to Garantex, a previously sanctioned crypto exchange accused of enabling illicit financial activity and sanctions evasion following Russia’s invasion of Ukraine.
In August 2025, the United States imposed sanctions on Grinex, citing alleged connections to Garantex and its role in facilitating transactions designed to bypass restrictions.
Sources: Financial Times, Transparency International Russia, Meduza
