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

A prominent cryptocurrency exchange, Grinex, which catered to Russian users seeking to circumvent sanctions, has halted its operations after falling victim to a sophisticated cyber attack that resulted in the theft of approximately 1 billion rubles, equivalent to $13 million. The breach was disclosed by the exchange through its Telegram channel and an official statement on its website, attributing the attack to state-sponsored entities from 'hostile nations' due to its coordinated nature and advanced technical expertise. According to Grinex, preliminary findings suggest the attack was designed to directly undermine Russia's financial independence. The exchange, originally operating as Garantex, was sanctioned by the US, UK, and EU for its role in helping users bypass restrictions using a ruble-backed stablecoin called A7A5, which enabled cross-border transactions after Russia's access to the Swift system was suspended following its invasion of Ukraine. Following the sanctions, the platform re-emerged as Grinex. The temporary suspension of trading activities has left users without access to their funds while the incident is under investigation, with the company's Moscow office also facing restricted access. Grinex has released a list detailing 54 affected wallet addresses and the corresponding amounts stolen, with the majority being in USDT on the TRON blockchain.