Cryptocurrency Exchange Grinex Suspends Operations Following $13 Million Cyber Heist

A prominent cryptocurrency exchange, Grinex, has temporarily ceased all operations after falling victim to a sophisticated cyber attack that resulted in the theft of approximately $13 million. The exchange, which has ties to Russia and is based in Kyrgyzstan, made the announcement via its Telegram channel and official website, attributing the attack to state-sponsored actors from hostile nations. According to Grinex, the nature and scale of the attack suggest the involvement of advanced technology and substantial resources, typically available only to state-backed entities. The exchange had previously been sanctioned by the US, UK, and EU 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 banking system was severed due to its invasion of Ukraine. Following the sanctions, the platform re-emerged under the name Grinex. The suspension of trading activities has left users 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, along with the amounts stolen, with the majority being in the form of USDT on the TRON blockchain.