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Grinex ceases operations, or deals a heavy blow to Russia's shadow financial system that evades sanctions
Deep Tide TechFlow News, April 20th, according to DL News, the Russian cryptocurrency exchange Grinex announced last Wednesday that it has ceased operations, citing a cyberattack, with over 1 billion rubles stolen from the platform, approximately 13 million USD.
The report states that Grinex handled nearly 100 billion USD in transactions for the sanctioned stablecoin A7A5 in 2025. Its suspension is believed to weaken Russian companies’ channels for converting rubles into usable international currencies and to severely impact its shadow financial system used to evade sanctions. Grinex is considered the successor to Garantex, which was previously sanctioned and shut down, and it was sanctioned by the U.S., Europe, and the UK along with Old Vector, the issuer of A7A5, in August 2025.