Grinex Crypto Exchange Suspends Operations Following $13 Million Hack Allegedly Backed by State Actors

A prominent cryptocurrency exchange, Grinex, has temporarily halted its operations 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 on its official Telegram channel and website, attributing the attack to state-sponsored actors from 'hostile nations'. According to Grinex, the sophisticated nature of the attack suggests the involvement of well-resourced and technologically advanced entities, potentially driven by the goal of undermining Russia's financial autonomy. The exchange had been subject to sanctions imposed by the US, UK, and EU due to its alleged role in enabling users to circumvent restrictions through the use of a ruble-backed stablecoin called A7A5. This token had facilitated cross-border transactions after Russia's access to the Swift international banking network was restricted following its invasion of Ukraine. Following the imposition of sanctions, the platform rebranded as Grinex. The suspension of trading activities has left users without access to their funds, pending an investigation into the incident. Additionally, access to the company's Moscow office has been restricted. Grinex has released a list of 54 affected wallet addresses, with the majority of the stolen funds being in the form of USDT on the TRON blockchain.