One of the top Russian crypto exchanges, Grinex, said that Western intelligence services stole almost $14 million worth of crypto assets from “Russian users” in an attempt to inflict “direct damage on Russia’s financial sovereignty.”

According to the platform, which was forced to suspend its operations, the attackers had “an unprecedented level of resources and technology available exclusively to entities associated with unfriendly states.”

“Today, attempts to destabilize the domestic financial sector have reached a new level – direct theft of assets belonging to Russian citizens and companies through complex cyberattacks,” an unnamed Grinex official was quoted as saying in the announcement on the website of the exchange.

As reported by Cybernews, Grinex emerged as the successor to the sanctioned Russian platform Garantex. According to blockchain analysts, both platforms might be owned by the same entities.

Analysts at blockchain analysis firm TRM Labs said they’ve identified approximately 70 addresses connected to this hack – roughly 16 more than Grinex publicly disclosed. The stolen funds were predominantly the USDT stablecoin on the Tron blockchain, before the stablecoin was converted into TRX, the native token of Tron.

Meanwhile, analysts also flagged that TokenSpot, a Kyrgyzstan-based exchange with deep on-chain ties to Grinex, was likely targeted in the same operation. However, in this case, less than $5,000 worth of USDT was stolen.

“Two of its addresses sent funds to the same consolidation address used by Grinex-linked wallets, and both were out of service on April 15th, suggesting they were hit by the same attacker,” TRM said.

While the nature of the Grinex hack is unknown, multiple crypto platforms have suffered much larger breaches without the “unprecedented level of resources and technology” cited here. In Russia, amid its invasion of Ukraine, it has become common practice to blame the West for various domestic failures.

In any case, if true, this would not be the first time a crypto hack carried political motivations. As reported in June 2025, an anti-Iranian hacking group with possible ties to Israel stole nearly $90 million from the Iranian exchange Nobitex.

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