More than $13M stolen from Russia-linked crypto exchange in cyberattack
Grinex is based in Kyrgyzstan but is linked to Russia (Photo: Photo by Alesia Kozik from Pexels)
Sanctioned crypto exchange Grinex linked to Russia has suspended operations after a cyberattack in which assets worth about 1 billion rubles ($13.1 million) were stolen, Reuters reported on Apr. 17.
Grinex is based in Kyrgyzstan but is linked to Russia. Last year, the exchange was sanctioned by the United States, the United Kingdom and the European Union. In a statement posted on Telegram, the company claimed that “foreign intelligence services” from unfriendly states may have been involved in the attack, but Reuters said it could not independently verify the claim.
On its website, the exchange said Grinex had been hit by a “targeted attack by Western intelligence services,” allegedly resulting in the theft of more than 1 billion rubles from Russian users.
Reuters recalled that U.S. authorities had previously accused Grinex of helping clients evade sanctions through the use of the A7A5 stablecoin, pegged to the Russian ruble. Western officials say this infrastructure became one of the tools used to support Russia’s foreign trade settlements after it was cut off from the SWIFT system following its full-scale war against Ukraine.
The Grinex incident is another blow to the crypto infrastructure Moscow has been building to circumvent sanctions. Reuters noted that Russia has in recent years actively developed alternative digital financial mechanisms due to restrictions on traditional banking access.
In August 2025, Reuters reported that the United Kingdom, together with the United States, imposed sanctions on crypto networks linked to the ruble-pegged A7A5 stablecoin, including Grinex LLC and Old Vector LLC in Kyrgyzstan. Western governments believe these entities helped Russia bypass financial restrictions imposed over its war against Ukraine.
The military war may be swinging in our favor, but the information war continues.
Just as an army needs soldiers, so does a free society need its journalists to ensure that people have access to honest, trustworthy voices to understand the world around them.
For the past five years, The New Voice of Ukraine has been working tirelessly to push back against Russian narratives and defend democracy. But we cannot do it alone.
Please consider supporting us on Patreon for just $5 a month – your donation does directly to supporting journalists and ensuring that this front of the infowar says solid and defended.
Thank you.
Follow us on Twitter, Facebook and Google News
