Russian Crypto Exchange Grinex Shuts Down, Experts Warn of Severe Damage to Shadow Economy

On April 20, DLNEWS reported that Grinex, a major Russian crypto exchange, ceased operations last Wednesday due to a suspected major cyber attack, reportedly resulting in losses exceeding 1 billion rubles (approximately 13 million USD). The platform claimed on Telegram that the attack showed “signs of involvement from foreign intelligence agencies.” Grinex was the successor to the previously sanctioned and shut down Garantex exchange, providing a financial channel for the Russian economy to evade sanctions, having processed nearly 100 billion USD in transactions for the sanctioned stablecoin A7A5 in 2025. Experts pointed out that the closure of Grinex is not only due to the hacker attack itself but, more importantly, it removes a trading platform on which Russian businesses relied to convert rubles into usable international currencies, causing “severe damage” to the infrastructure that allows Russia to evade sanctions, making it more difficult for the Russian economy to escape the pressures of sanctions. The exchange had already been sanctioned by Western authorities including the US, UK, and EU in August 2025. Meanwhile, the Russian economy continues to weaken, with Putin revealing that GDP fell by 1.8% in January-February this year, and maritime oil exports may drop to their lowest level since 2023.