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

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ME News, on April 20 (UTC+8), Russian cryptocurrency exchange Grinex announced last Wednesday that it is suspending operations due to a cyberattack, resulting in platform losses of more than 1 billion rubles (approximately $13 million). It is understood that in 2025, Grinex processed transaction volumes totaling nearly $100 billion involving the sanctioned stablecoin A7A5, and its shutdown may weaken Russian companies’ routes for exchanging rubles for international currencies, while dealing a serious blow to the shadow financial systems used to evade sanctions. Grinex is considered the successor to Garantex, which had previously been sanctioned and shut down, and together with 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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