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

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.

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.

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.