Sanctioned crypto exchange Grinex halts operations after a $13.7M hack, with claims of foreign intelligence involvement.
A sanctioned cryptocurrency exchange linked to Russia has suspended operations after a major cyberattack resulted in the theft of more than $13 million in digital assets.
Grinex, a Kyrgyzstan-registered platform, confirmed the breach and announced an immediate halt to its services following the incident, which drained over 1 billion rubles from its wallets.
The exchange claimed the attack showed signs of involvement by foreign intelligence agencies, describing it as highly sophisticated and potentially aimed at undermining Russia’s financial infrastructure. However, these allegations have not been independently verified.
Blockchain analysis indicates that the stolen funds were rapidly moved across multiple networks, including TRON and Ethereum, before being converted into other assets to avoid freezing mechanisms commonly applied to stablecoins.
Grinex has been under scrutiny due to its links to Garantex, a previously sanctioned exchange accused of facilitating money laundering tied to ransomware groups and darknet markets. Analysts believe Grinex emerged as a successor platform, allowing operations to continue despite international sanctions.
The platform also played a role in sanctions evasion efforts, including the use of a ruble-backed stablecoin designed to enable cross-border transactions outside traditional financial systems.
Security experts note that the incident could represent either a targeted cybercriminal exploit or a more complex operation tied to geopolitical tensions. Some analysts have even raised the possibility of a “false flag” scenario, given the exchange’s history and restricted ecosystem.
With operations now suspended, the breach marks a significant disruption to a crypto network widely associated with high-risk financial activity and sanctions circumvention.
Reports are sourced from official documents, law-enforcement updates, and credible investigations.
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