Grinex Cryptocurrency Exchange Suspends Operations Following $13 Million Cyber Attack

A prominent cryptocurrency exchange, Grinex, has temporarily halted its operations after falling victim to a sophisticated cyber attack that resulted in the theft of approximately $13 million. The exchange, which has been linked to Russia and was previously known as Garantex, disclosed the breach via its Telegram channel and website. According to Grinex, the attack's complexity and coordination suggest the involvement of state-sponsored actors from hostile nations. The exchange stated that the digital evidence and nature of the attack indicate an unprecedented level of resources and technology, typically available only to state-backed entities. Preliminary data suggests that the attack was orchestrated to directly undermine Russia's financial independence. Grinex has been under sanctions imposed by the US, UK, and EU since last year, with officials accusing the platform of 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 trading pause 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 most of the stolen funds being in the form of USDT on the TRON blockchain.