Cryptocurrency Exchange Grinex Suspends Operations Following Alleged State-Sponsored Hack

A prominent cryptocurrency exchange, Grinex, has temporarily ceased operations due to a sophisticated cyber attack that drained roughly $13 million from its systems. The exchange, previously known as Garantex and based in Kyrgyzstan, made the announcement via its Telegram channel and official website. According to Grinex, the nature and coordination of the attack suggest the involvement of state-backed entities from 'unfriendly states.' The exchange stated, 'The digital footprints and attack characteristics imply an unprecedented level of resources and technology, typically available only to structures of unfriendly states.' Preliminary data indicates that the attack aimed to directly undermine Russia's financial sovereignty. Grinex was sanctioned by the U.S., U.K., and European Union last year for allegedly facilitating the circumvention of sanctions through a ruble-backed stablecoin called A7A5. This token enabled cross-border payments after Russia's access to the Swift inter-bank messaging system was restricted following its invasion of Ukraine. After being taken down, the platform re-emerged as Grinex. The trading pause has left users without access to 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 and the corresponding drained amounts, with most of the stolen funds being in the form of USDT on the TRON blockchain.