![\"Grinex](\"https:\/\/www.bleepstatic.com\/content\/hl-images\/2026\/04\/17\/Russia-crypto.jpg\")
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Kyrgyzstan-based cryptocurrency exchange Grinex has suspended its operations after suffering a $13.7 million hack attributed to Western intelligence agencies.<\/p>\n
The funds were stolen from cryptocurrency wallets belonging to Russian users, as the platform enables crypto-ruble exchange operations between Russian businesses and individuals.<\/p>\n
Launched early last year, Grinex has Russian links and is believed to be a rebrand of Garantex<\/a>, a Russian crypto exchange whose admin was arrested and whose domains were seized over allegations of processing more than $100 million in illicit transactions and enabling money laundering.<\/p>\n In August 2025, the U.S. Department of the Treasury announced sanctions against Grinex<\/a>, based on evidence that the exchange service was a continuation of Garantex activity, accepting the same actors, their funds, and facilitating an identical role as an illegal operations enabler.<\/p>\n Grinex continued to operate, providing Russia with some level of financial sovereignty and ability to bypass international sanctions that impacted banking and transactions, mainly through a Russian ruble-backed stablecoin named A7A5, which was directly adopted from Garantex.<\/p>\n The exchange says that the type of attack and the digital footprint indicate a threat actor associated with “foreign intelligence agencies” that have “an unprecedented level of resources and technology, accessible only to entities of hostile states.”<\/p>\n “According to preliminary data, the attack was coordinated with the aim of directly harming Russia’s financial sovereignty,” Grinex states<\/a>.<\/p>\n ![\"Grinex](\"https:\/\/www.bleepstatic.com\/c\/a\/as-tour-the-platform-970-x250.jpg\")
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