Gate News message, April 17 — A cyberattack on Grinex, a Kyrgyzstan-based cryptocurrency exchange under US sanctions, has exposed a shadow financial network allegedly used to circumvent Western restrictions on Russia. Hackers stole approximately $15 million from Grinex in the attack, which also appears to have targeted TokenSpot, a closely linked platform. Both exchanges showed overlapping wallet activity and simultaneous downtime, suggesting a single attacker targeted an interconnected network.
Grinex was incorporated in Kyrgyzstan in December 2024, weeks before US authorities dismantled Garantex, a Russia-linked exchange sanctioned by the US Treasury’s Office of Foreign Assets Control (OFAC) since April 2022. According to OFAC, which sanctioned Grinex in August 2025, the exchange was a direct continuation of Garantex with the same owners, clients, and infrastructure. When Garantex was shut down, Telegram channels affiliated with it immediately directed users to migrate their assets to Grinex. Before its takedown, Garantex had processed over $100 billion in transactions despite being under sanctions, with 82% of its volume linked to sanctioned entities globally.
Blockchain analysts identified more than 70 wallets linked to the theft, exceeding the number Grinex publicly disclosed. Stolen funds, mostly USDT on the TRON network, were swapped into ETH and TRX via the SunSwap decentralized exchange before being routed to a single consolidation address. TokenSpot was found routing funds to the same wallet while briefly going offline, pointing to shared infrastructure. Trading activity on Grinex also involved A7A5, a ruble-backed stablecoin, raising additional concerns about the nature of transactions processed.
Grinex blamed the attack on what it called the special services of unfriendly states, describing it as a systematic attempt to destabilize Russia’s domestic financial sector and framing the hack as an act of financial warfare rather than a criminal breach. Blockchain intelligence firm TRM Labs said it had not verified that claim.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Coinone Sues South Korea's Financial Intelligence Unit Over Sanctions, Seeks to Block Enforcement
Gate News message, April 28 — Coinone, a South Korean cryptocurrency exchange, has filed a lawsuit against the Financial Intelligence Unit (FIU) and requested Seoul Administrative Court to halt enforcement of sanctions before they take effect. The core restriction prohibits new users from
GateNews12m ago
Trump Softens Prediction Market Criticism, Cites Support from 'Smart People'
President Donald Trump reversed his recent criticism of prediction markets on Saturday, telling reporters that "very smart" people he knows support the industry, despite his Thursday comments characterizing the sector as contributing to turning "the whole world" into "somewhat of a casino." The
CryptoFrontier7h ago
French Prosecutors Charge 88 in Crypto Wrench Attack Ring
French authorities have charged 88 individuals, including 10 minors, in connection with kidnappings and extortions targeting cryptocurrency owners, according to a statement from the National Public Prosecutor's Office for Organized Crime (PNACO) released Friday. The charges are tied to 12 ongoing
CryptoFrontier12h ago
22-Year-Old Sentenced to 70 Months for $263M Crypto Theft Money Laundering
Evan Tangeman, a 22-year-old California resident, was sentenced on Friday to 70 months in federal prison for his role laundering proceeds from a multi-state cryptocurrency theft ring that stole around $263 million in digital assets from victims, according to a statement from the U.S. Department of
CryptoFrontier17h ago
Republican Sen. Tillis: The criminal investigation into Powell is over; it will no longer block Wash from serving as chair.
Republican Sen. Tom Tillis posted on the X platform on Sunday, announcing that after the U.S. Department of Justice (DOJ) concluded its criminal investigation into Federal Reserve Chair Jerome Powell’s involvement in the Federal Reserve headquarters renovation project, he will no longer block the procedure for confirming Kevin Warsh’s nomination as Federal Reserve chair, and said he is “looking forward” to supporting Warsh’s appointment.
MarketWhisper19h ago
