Cryptocurrency Exchange Grinex Hit by $13 Million Hack, Suspends Operations

A Kyrgyzstan-registered cryptocurrency exchange named Grinex, previously sanctioned by Western authorities for assisting Russia in financing its war effort in Ukraine, lost over 1 billion rubles, equivalent to more than $13 million, from users' crypto wallets in a hack.

The exchange announced the suspension of its operations via its Telegram channel on April 16, 2026. com reported that an exchange representative alleged the hack was carried out by foreign special services aiming to disrupt Russian efforts to evade sanctions and finance the procurement of needed goods and technologies.

Grinex stated that the digital traces and the nature of the attack pointed to an unprecedented level of resources and technologies available exclusively to structures of unfriendly states. Com reported that Grinex facilitated the use of a ruble-pegged cryptocurrency known as A7A5.

A7A5 was involved in over $1 billion worth of transactions per day, primarily through Grinex, according to a July 2025 report by the crypto analysis firm Elliptic. Elliptic stated that A7A5’s growing accessibility and liquidity presents a challenge to international sanctions efforts, as it provides another tool for Russian entities to engage in cross-border transfers outside of the banking system.

The US Treasury Department sanctioned Grinex for enabling sanctions evasion and cyber criminals. The hack and subsequent suspension mark a significant disruption for the exchange, which had emerged as a key facilitator for Russian entities seeking to bypass international financial restrictions.

Com reported that Grinex became a go-to means for Russian sanction busters to access international currency markets through A7A5. Kyrgyz government officials have denied accusations of enabling Russian sanctions evasion activities, though the exchange's registration in Kyrgyzstan drew scrutiny from Western authorities.

The events unfold amid broader concerns over cryptocurrency's role in sanctions evasion, with Grinex's operations highlighting vulnerabilities in global financial oversight.

The Grinex exchange was launched in mid-2025 after EU sanctions and a US Justice Department probe prompted the closure of another crypto exchange called Garantex. Elliptic's analysis from July 2025 emphasized the daily transaction volume of A7A5, illustrating its scale and potential impact on sanctions enforcement.