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CryptoUpdated×3•Originally published 16 April 2026•Updated 17 April 2026•

1 min read

Russia-Linked Grinex Exchange Halts Operations After $15M Hack

Golden Bitcoin coins and wallets in front of the US Capitol building and American flag, with an upward trend graph.

Key Facts

1Russia-linked exchange Grinex suspended operations after a $15 million hack.

2Elliptic claims liquidity and users from the sanctioned Garantex exchange migrated to Grinex over the past year.

3The exchange blamed the security breach on 'hostile states'.

about 2 months ago

Version History

Version 3about 2 months ago

What changed: Updated with details on the exchange's former identity (Garantex), its headquarters in Kyrgyzstan, and the expansion of sanctions to include the UK and EU.

Version 2about 2 months ago

What changed: Updated to include allegations from US authorities regarding the exchange's role in sanctions evasion and money laundering.

Version 1about 2 months ago

What changed: Identified the exchange's base in Kyrgyzstan and clarified that the $15M loss was in USDT via a hot-wallet exploit.

The cryptocurrency exchange Grinex, based in Kyrgyzstan and formerly known as Garantex, has suspended operations following a $15 million USDT hot-wallet breach. The platform is facing intensifying international pressure, as it is now sanctioned by the United Kingdom and the European Union in addition to the United States. US authorities have accused the exchange of assisting Russian entities in evading sanctions and laundering funds for Moscow-linked hackers. Blockchain analytics firm Elliptic previously identified the platform as a primary liquidity hub for sanctioned entities. These new revelations regarding its corporate identity and expanded sanction list highlight the systemic risks of regional exchanges operating outside global oversight. Market participants are closely monitoring the legal fallout and the impact of these multi-jurisdictional sanctions on regional crypto liquidity.