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Russian Based Crypto Exchange Grinex Halts Operation After $14 Million Hack

Russian-Based Crypto Exchange Grinex Halts Operation After $14 Million Hack

Exchange suspends operations after a major breach linked to an advanced attack.

Written by Rahul Dhingra, Edited by David Delima | Updated: 17 April 2026 15:38 IST

Russian-Based Crypto Exchange Grinex Halts Operation After $14 Million Hack

Photo Credit: Unsplash/rc.xyz NFT gallery

Authorities probe large-scale breach affecting crypto exchange operations

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Highlights

Funds drained from 54 wallets in coordinated breach
Exchange linked to previously sanctioned crypto platform
Authorities begin investigation into suspected advanced attack

Grinex crypto exchange has suspended trading operations after losing more than RUB 1 billion, which amounts to $13.4 million (roughly Rs. 124 crore), to an attack that showed signs involving foreign intelligence agencies. This exchange is registered in Kyrgyzstan but has been linked to Russia's crypto ecosystem and alleged sanctions evasion. The exchange further said that the funds were taken from 54 addresses and that the nature of the attack, along with the digital footprint, indicates that this attack was of an unprecedented level of resources and technology. The kind of technology, which is only available to entities of hostile states.

Hack Raises Concerns Over Security and Regulatory Oversight

Grinex was forced to transfer all the available information to law enforcement agencies. A criminal complaint has also been filed at the location of the infrastructure. Grinex exchange is now under fresh scrutiny, which has already been under watch by Western authorities. It has been described as a continuation of the previously blacklisted Garantex platform.

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In 2022, the US sanctioned Garantex for facilitating illicit finance and it was later targeted by EU restrictions. Later in March 2025, operations at Garantex finally ceased after Tether froze $27 million–$28 million in USDT stablecoins tied to the exchange.

Bitcoin Holds Near $74.600 as ETF Flows Remain Inconsistent

Commenting on the hack, a Grinex spokesperson said, “From the very beginning, the exchange's infrastructure has been subject to attacks. [...] We have documented systematic attempts to restrict the transfer of cryptocurrency outside the CIS. The exchange was placed on sanctions lists, crypto wallets were deliberately targeted, and transactions were blocked. Today, attempts to destabilize the domestic financial sector have reached a new level.”

Earlier this week, a report by Hacken stated figures of Web3 attacks in the first quarter of 2026. The report said that Web3 hacks have recorded losses of over $482 million (roughly Rs. 4,500 crore). Phishing and social engineering attacks dominated the period, amounting to $306 million (roughly Rs. 2,856 crore); overall, 44 incidents were recorded.

This Grinex incident is an indication of the growing sophistication of cyberattacks targeting crypto platforms, particularly those operating in sensitive regulatory environments. The need for stronger compliance structures has become increasingly critical, as exchanges face increasingly evolving security threats.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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Rahul Dhingra

Email Rahul Dhingra

Rahul Dhingra is a crypto writer at Gadgets 360, where he covers the exciting world of Cryptocurrency, Blockchain, Defi and Web3. Before joining Gadgets 360, he worked as a content specialist for a European-based Crypto Exchange. Rahul loves storytelling, not just through the written word but also through the visual medium. Beyond his professional life, Rahul is a sports fanatic. Whether it’s cricket or football, his passion for the game is contagious. More