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

A prominent cryptocurrency exchange, Grinex, which was popular among Russian users seeking to circumvent sanctions, has suspended its operations after disclosing a major cyber attack that resulted in the theft of approximately 1 billion rubles, equivalent to $13 million. The exchange, which is based in Kyrgyzstan, announced the breach via its Telegram channel and website, attributing the attack to state-sponsored actors from 'hostile nations' due to the high level of coordination and technical expertise involved. According to Grinex, preliminary data suggests that the attack was deliberately designed to undermine Russia's financial independence. The exchange had previously been sanctioned by the US, UK, and EU for its alleged role in helping users evade restrictions through a ruble-backed stablecoin called A7A5, which facilitated cross-border transactions after Russia's access to the Swift inter-bank messaging system was suspended following its invasion of Ukraine. After being shut down, the platform re-emerged as Grinex. The temporary halt in trading has left users without access to their funds while the company conducts an investigation, and its Moscow office has also been closed off. Grinex has released a list of 54 affected wallet addresses, with most of the stolen funds being in the form of USDT on the TRON blockchain.