Russian cryptocurrency exchange Grinex has ceased operations entirely following a suspected state-level cyberattack that resulted in losses exceeding ₹1 billion ($13-15 million). According to latest reports, the platform reported the breach targeted its core wallet infrastructure, prompting it to halt trading and withdrawals before announcing permanent closure. In a statement on its Telegram channel, Grinex claimed the breach showed "signs of involvement from foreign intelligence agencies," suggesting the tools and resources used were "beyond typical hackers" and part of "broader pressure on the Russian financial system." The exchange was created by former Garantex employees as a successor platform after U.S. authorities sanctioned Garantex for processing more than $100 million in ransomware and other illicit flows, making it a critical component of Russia's sanctions-evasion infrastructure.
Blockchain investigators have confirmed the attack's financial impact, with TRM Labs reporting the attacker converted stolen USDT on TRON into TRX through SunSwap before moving the proceeds into a single address holding about 45.9 million TRX, worth roughly $15 million at the time of analysis. Elliptic separately confirmed the stolen funds moved out around 12:00 UTC on Wednesday through TRON and Ethereum before being converted into other assets, a strategic move to lower the risk of a Tether freeze. The exchange's link to Russia is central to the story, as OFAC said in August 2025 that Garantex employees created Grinex after US-led action disrupted Garantex in March 2025, with the new venue helping customers regain access to frozen balances through A7A5, a ruble-backed digital asset tied to a broader sanctions-evasion network.
Experts now view Grinex's collapse as more damaging than the hack itself, as it removes one of the last large trading venues Russian businesses used to convert rubles into stablecoins and other liquid cryptocurrency assets that could be cashed out abroad. According to DL News, one sanctions researcher argued that shutting Grinex would "seriously damage" the shadow infrastructure allowing Russia to dodge Western measures, making it harder for companies to import goods, pay contractors and move capital out of the country. The shutdown occurs as Russia's broader economy weakens, with President Vladimir Putin recently acknowledging that GDP fell 1.8% year-on-year over January and February and warning that maritime oil exports could drop to their lowest level since 2023, tightening the squeeze on hard-currency inflows.
