Grinex Exchange Suspends Activities Following $13 Million Cyber Heist Allegedly Backed by State Actors

A prominent cryptocurrency exchange, Grinex, which catered to Russians seeking to circumvent sanctions, has halted its operations after falling victim to a cyber attack that resulted in the theft of approximately 1 billion rubles, equivalent to $13 million. The breach was disclosed by the exchange via its Telegram channel and an official statement on its website, attributing the sophisticated attack to state-sponsored entities from 'hostile nations'. The statement from Grinex noted, 'The digital trail and nature of the attack suggest an unprecedented level of resources and technology, typically accessible only to the structures of unfriendly states.' It further indicated that the attack aimed to directly undermine Russia's financial autonomy. Grinex, originally known as Garantex, was sanctioned by the US, UK, and EU last year for its role in helping users bypass restrictions through a ruble-backed stablecoin called A7A5. This token enabled cross-border transactions after Russia's access to the Swift banking system was severed due to its invasion of Ukraine. Following the sanctions, the platform reemerged as Grinex. The temporary suspension of trading activities has left users without access to their funds while the company conducts an investigation. Additionally, access to its Moscow office has been restricted. Grinex has released a list of 54 affected wallet addresses along with the amounts stolen, with the majority being in USDT on the TRON blockchain.