Grinex Exchange Suspends Operations Following $13 Million Cyber Heist

A prominent cryptocurrency exchange, Grinex, has halted all operations after falling victim to a sophisticated cyber attack that resulted in the theft of approximately 1 billion rubles, equivalent to $13 million. The exchange, which has a significant user base in Russia, announced the breach on its official Telegram channel and website, attributing the attack to state-backed actors from hostile nations. According to Grinex, the nature and scope of the attack suggest an unprecedented level of resources and technological expertise, typically available only to state-sponsored entities. The exchange stated that preliminary data indicates the attack was deliberately designed to undermine Russia's financial autonomy. Grinex, formerly known as Garantex, has been under sanctions imposed by the US, UK, and EU for allegedly assisting 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 severed 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, pending an investigation. Additionally, access to the company's Moscow office has been restricted. Grinex has released a list of 54 affected wallet addresses, along with the corresponding drained amounts, with the majority being in USDT on the TRON blockchain.