Cryptocurrency Exchange Grinex Ceases Operations Following $13 Million Cyber Heist

A prominent cryptocurrency exchange, Grinex, has suspended its services 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 operates from Kyrgyzstan, revealed the breach via its Telegram channel and an official statement on its website, suggesting that the attack's complexity and coordination imply the involvement of state-sponsored entities from 'hostile nations.' The statement from Grinex notes, 'The digital traces and the nature of the attack suggest an unprecedented level of resources and technology, typically available only to the structures of hostile states.' According to preliminary findings, the attack aimed to directly compromise Russia's financial autonomy. Grinex, originally 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 stablecoin 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 halt in trading has left users without access to their funds as the company conducts an investigation. Additionally, access to its Moscow office has been restricted. Grinex has released a list detailing 54 affected wallet addresses and the corresponding amounts that were drained, with most of the losses occurring in USDT on the TRON blockchain.