Grinex Crypto Exchange Suspends Operations Following $13 Million Cyber Attack

A prominent cryptocurrency exchange, Grinex, has halted all operations after falling victim to a sophisticated cyber attack, resulting in the theft of approximately 1 billion rubles, equivalent to $13 million. The exchange, which has been linked to Russia, revealed the breach on its official Telegram channel and website, suggesting that the attack was likely state-sponsored due to its high level of coordination and technical expertise. According to Grinex, the nature of the attack implies the involvement of 'unfriendly states' with significant resources and advanced technology. Preliminary findings indicate that the attack was designed to directly impact Russia's financial independence. Grinex, previously known as Garantex, was sanctioned by the US, UK, and EU last year for allegedly aiding users in circumventing 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. 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 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 corresponding amounts that were drained, with the majority being in the form of USDT on the TRON blockchain.