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Grinex ceases operations, or deals a heavy blow to Russia's shadow financial system that evades sanctions
ME News message: On April 20 (UTC+8), the Russian cryptocurrency exchange Grinex announced last Wednesday that it has suspended operations due to a cyberattack, resulting in platform losses of more than 1 billion rubles (about $13 million). It is understood that in 2025, Grinex processed transaction volume approaching $100 billion involving the sanctioned stablecoin A7A5. Its shutdown may weaken Russian companies’ access to routes for converting 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—together with A7A5 issuer Old Vector—was sanctioned by the United States, Europe, and the United Kingdom in August 2025. (Source: MLion)