Overview
- Grinex, a Kyrgyzstan-based crypto exchange, went offline in mid-April after a hot-wallet breach that drained about 1 billion rubles and forced a full suspension of trading and withdrawals.
- The company blamed Western intelligence services for the theft, filed a criminal complaint, and published an address it said holds the converted proceeds.
- Chainalysis traced the outflows from fiat-backed stablecoins through a Tron decentralized exchange into TRX, a pattern it says fits criminal laundering rather than a government seizure.
- The firm also raised the possibility of an insider exit scam, noting the same Tron DEX had been used by Grinex’s predecessor Garantex to fund hot wallets.
- Analysts say the closure removes a major route for turning rubles into liquid crypto, a role Grinex assumed as a sanctioned successor to Garantex and the A7A5 token network.