Grinex Cryptocurrency Exchange Suspends Operations Following $13 Million Cyber Heist

A prominent cryptocurrency exchange, Grinex, has halted all operations after falling victim to a sophisticated cyber attack that resulted in the theft of approximately $13 million. The exchange, which was formerly known as Garantex and has been accused of helping Russian users circumvent sanctions, announced the breach on its official Telegram channel and website. According to Grinex, the nature and scale of the attack suggest the involvement of state-sponsored actors from 'hostile nations.' The exchange's statement noted that the 'digital fingerprints' and methodology of the attack indicated a level of technical expertise and resources typically available only to 'structures of unfriendly states.' Furthermore, Grinex believes the attack was deliberately orchestrated to undermine Russia's financial independence. The exchange had previously been sanctioned by the US, UK, and EU for allegedly enabling users to bypass restrictions through a ruble-pegged stablecoin called A7A5. This stablecoin allowed for cross-border transactions even after Russia's access to the Swift messaging system was severed following its invasion of Ukraine. After being initially shut down, the platform re-emerged under the name Grinex. As a result of the current suspension, users are currently unable to access their funds while the company conducts an investigation. Additionally, access to Grinex's Moscow office has been restricted. The exchange has released a list of 54 affected wallet addresses, with the majority of the stolen funds being in the form of USDT on the TRON blockchain.