By Eurasianet – Apr 22, 2026, 11:00 AM CDT
- Grinex, a Kyrgyz-registered exchange tied to Russian sanctions evasion, lost over $13 million in a major hack and halted operations.
- The platform facilitated transactions using a ruble-pegged cryptocurrency widely used to bypass international financial restrictions.
- U.S. authorities had already sanctioned Grinex, highlighting growing concern over crypto’s role in enabling cross-border sanctions evasion.
A Kyrgyz-registered cryptocurrency exchange, slapped with Western sanctions for helping Russia finance its war effort in Ukraine, has experienced a hack that sucked over 1 billion rubles (over $13 million) out of users’ crypto wallets.
The exchange, Grinex, announced via its Telegram channel on April 16 that it was suspending operations. Exchange representative alleged the hack was the work of foreign special services seeking to disrupt Russian efforts to evade sanctions and finance the procurement of needed goods and technologies, RFE/RL reported.
“The digital traces and the nature of the attack indicate an unprecedented level of resources and technologies available exclusively to structures of unfriendly states,” a statement issued by Grinex read.
The Grinex exchange was launched in mid-2025 after EU sanctions and a US Justice Department probe prompted the closure of another crypto exchange called Garantex. Grinex facilitated the use of a ruble-pegged cryptocurrency, A7A5, which became a go-to means for Russian sanction busters to gain access to international currency markets, the Financial Times first reported.
A7A5 was used in over $1 billion worth of transactions per day, mostly via Grinex, the crypto analysis firm Elliptic reported last July.
“A7A5’s growing accessibility and liquidity presents a challenge to international sanctions efforts, as it provides another tool for Russian entities to engage in cross-border transfers outside of the banking system,” the Elliptic analysis stated.
The US Treasury Department sanctioned Grinex last August for “enabling sanctions evasion and cyber criminals.”
Kyrgyz government officials have repeatedly denied accusations of enabling Russian sanctions evasion activities.
By Eurasianet
More Top Reads From Oilprice.com
- UK Unveils 10GW Clean Power Push to Break Gas Grip on Electricity Bills
- IEA: Strait of Hormuz Has Lost Its Status as Reliable Energy Route
- Sanctioned Iranian VLCC Crosses Hormuz Line Hours Before Ceasefire Deadline
Download The Free Oilprice App Today
