Russian Cryptocurrency Exchange Grinex Shuts Down, Experts Warn It Will "Significantly Damage" Russia's Shadow Economy

April 20, DLNEWS reported that Grinex—a major Russian cryptocurrency exchange—ceased operations last Wednesday amid a suspected large-scale cyberattack, with losses estimated at over 10 billion rubles (roughly $13 million). The platform said in a Telegram post that the attack bore signs of "involvement by a foreign intelligence agency." Grinex is the successor to Garantex, a previously sanctioned and shuttered exchange that provided a financial channel for Russia to evade sanctions. In 2025, it processed nearly $100 billion in transactions for the sanctioned stablecoin A7A5. Experts noted that Grinex’s closure stemmed not only from the cyberattack itself but, more critically, from the loss of a key platform Russian businesses relied on to convert rubles into usable international currencies. This delivered a "severe blow" to Russia’s sanctions-evasion infrastructure, making it harder for Moscow to avoid economic sanctions pressure. The exchange was sanctioned in August 2025 by Western authorities including the U.S., UK, and EU. Meanwhile, Russia’s economy continues to weaken: Putin reported a 1.8% GDP decline in January-February of this year, and seaborne oil shipments may drop to their lowest level since 2023.