Grinex Exchange, Linked to Russia, Ceases Operations Following $13 Million Cyber Heist

Following a significant cyber attack that resulted in the theft of approximately $13 million, Grinex, a cryptocurrency exchange popular among Russian users seeking to circumvent sanctions, has temporarily halted its operations. The exchange announced the breach via its Telegram channel and website, attributing the sophisticated attack to state-sponsored entities from 'hostile nations'. According to Grinex, the attack's level of coordination and technical expertise suggests the involvement of 'unfriendly states', with the primary goal of undermining Russia's financial autonomy. Grinex, originally known as Garantex, was sanctioned by the US, UK, and EU last year for allegedly assisting users in evading 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 suspended due to its invasion of Ukraine. After being shut down, the platform re-emerged as Grinex. The trading pause has left users unable to access their funds while the company conducts an investigation, and access to its Moscow office has been restricted. Grinex has released a list of 54 affected wallets and the corresponding amounts, with most of the drained funds being in the form of USDT on the TRON blockchain.