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Grinex Ceases Operations, Dealing a Blow to Russia's Shadow Financial System Evasion Sanctions

Grinex Ceases Operations, Dealing a Blow to Russia's Shadow Financial System Evasion Sanctions

2026-04-20 22:56

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ChainThink news, according to DL News, the Russian cryptocurrency exchange Grinex announced it ceased operations last Wednesday, citing a cyberattack that resulted in the theft of over 1 billion rubles, equivalent to approximately $13 million.


Grinex had processed nearly $100 billion in transaction volume for the sanctioned stablecoin A7A5 in 2025. Its shutdown undermines Russian enterprises' channels for converting rubles into usable international currencies and delivers a severe blow to Russia’s shadow financial system designed to circumvent sanctions.


Grinex is viewed as the successor to the previously sanctioned and shuttered Garantex, and was jointly sanctioned by the United States, Europe, and the UK in August 2025 alongside the issuer of A7A5, Old Vector.

Disclaimer: Contains third-party opinions, does not constitute financial advice

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