Grinex ceases operations, or deals a heavy blow to Russia's shadow financial system that evades sanctions

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ME News report: On April 20 (UTC+8), the Russian cryptocurrency exchange Grinex announced last Wednesday that it is suspending operations due to a cyberattack, which has led to platform losses of more than 1 billion rubles (about $130 million). It is understood that in 2025, Grinex processed nearly $100 billion in transactions involving the sanctioned stablecoin A7A5; its shutdown may weaken Russian companies’ routes for exchanging rubles into international currencies, and deal a severe blow to shadow financial systems used to evade sanctions. Grinex is believed to be the successor to Garantex, which had previously been sanctioned and shut down, and along with the A7A5 issuer Old Vector, it was sanctioned by the United States, Europe, and the United Kingdom in August 2025. (Source: MLion)

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