Grinex Cryptocurrency Exchange Suspends Operations Following $13 Million Cyber Heist

A prominent cryptocurrency exchange, Grinex, which catered to Russian users seeking to circumvent sanctions, has temporarily halted its operations after suffering a significant cyber attack that resulted in the theft of approximately 1 billion rubles, equivalent to $13 million. The exchange, which was previously known as Garantex and is based in Kyrgyzstan, made the announcement via its Telegram channel and website. According to Grinex, the nature and scale of the attack suggest the involvement of state-backed actors from hostile nations. The exchange stated, 'The digital traces and characteristics of the attack imply an unprecedented level of resources and technology, typically available only to the structures of unfriendly states.' Preliminary findings indicate that the attack was orchestrated to directly undermine Russia's financial sovereignty. Grinex had been sanctioned by the US, UK, and EU last year for allegedly aiding users in evading 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 initial shutdown, the platform reemerged as Grinex. The current suspension of trading activities has left users unable to access their funds while the company conducts an investigation. Furthermore, 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.