Cryptocurrency Exchange Grinex Suspends Operations Following $13 Million Cyber Heist

A prominent cryptocurrency exchange, Grinex, has temporarily halted its services after disclosing a significant cyber attack that resulted in the theft of approximately 1 billion rubles, equivalent to $13 million. The exchange, which has been linked to Russia and was previously known as Garantex, announced the breach via its Telegram channel and website. According to Grinex, the attack exhibited a high level of coordination and technical expertise, suggesting the involvement of state-sponsored actors from hostile nations. The exchange stated, 'The digital footprint and nature of the attack indicate an unprecedented level of resources and technology, available exclusively to the structures of unfriendly states.' It added that preliminary data suggests the attack was designed to directly impact Russia's financial sovereignty. Grinex, which is based in Kyrgyzstan, was sanctioned by the US, UK, and EU last year for allegedly helping users circumvent restrictions through a ruble-backed stablecoin called A7A5. This token enabled cross-border transactions after Russia's access to the Swift inter-bank messaging system was severed due to its invasion of Ukraine. Following the sanctions, the platform rebranded as Grinex. The suspension of trading activities has left users unable to access 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, with most of the stolen funds being in the form of USDT on the TRON blockchain.