Kyrgyzstan-based cryptocurrency exchange Grinex has suspended its operations after suffering a $13.7 million hack attributed to Western intelligence agencies.

The funds were stolen from cryptocurrency wallets belonging to Russian users, as the platform enables crypto-ruble exchange operations between Russian businesses and individuals.

Launched early last year, Grinex has Russian links and is believed to be a rebrand of Garantex, a Russian crypto exchange whose admin was arrested and whose domains were seized over allegations of processing more than $100 million in illicit transactions and enabling money laundering.

In August 2025, the U.S. Department of the Treasury announced sanctions against Grinex, based on…