Cryptocurrency Exchange Grinex Ceases Operations Following $13 Million Cyber Attack

A prominent cryptocurrency exchange, Grinex, has suspended its services after falling victim to a substantial cyber attack, resulting in the loss of approximately 1 billion rubles, equivalent to $13 million. The exchange, which has been a popular platform for Russian users seeking to circumvent sanctions, announced the breach on its official Telegram channel and website. According to Grinex, the sophisticated nature of the attack suggests the involvement of state-sponsored actors from hostile nations. The exchange's statement noted that the 'digital footprints and nature of the attack indicate an unprecedented level of resources and technology available exclusively to the structures of unfriendly states,' and that the attack appeared to be coordinated to directly target Russia's financial sovereignty. Grinex, originally known as Garantex, was sanctioned by the US, UK, and EU last year for allegedly enabling users to bypass restrictions through a ruble-backed stablecoin called A7A5. This token facilitated cross-border transactions when Russia's access to the Swift inter-bank messaging system was suspended following the country's invasion of Ukraine. After being shut down, the platform re-emerged as Grinex. The temporary halt in trading 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 and the corresponding amounts that were drained, with the majority being in the form of USDT on the TRON blockchain.