Grinex , a Kyrgyz-registered cryptocurrency exchange tied to Russian sanctions evasion, announced via its Telegram channel on April 16 that it was suspending operations after a hack that drained over 1 billion rubles (over $13 million) from users' crypto wallets. The platform facilitated transactions using a ruble-pegged cryptocurrency, A7A5, which became a go-to means for Russian sanction busters to gain access to international currency markets. The Financial Times first reported on the use of this token. The exchange was launched in mid-2025 after EU sanctions and a U.S. Justice Department probe prompted the closure of another crypto exchange called Garantex. A7A5 was used in over $1 billion worth of transactions per day, mostly via Grinex, the crypto analysis firm Elliptic reported last July. "A7A5's growing accessibility and liquidity presents a challenge to international sanctions efforts, as it provides another tool for Russian entities to engage in cross-border transfers outside of the banking system," the Elliptic analysis stated. The U.S. Treasury Department sanctioned Grinex last August for "enabling sanctions evasion and cyber criminals." Kyrgyz government officials have repeatedly denied accusations of enabling Russian sanctions evasion activities. "The digital traces and the nature of the attack indicate an unprecedented level of resources and technologies available exclusively to structures of unfriendly states," a statement issued by Grinex read. RFE/RL reported on the incident.