Cryptocurrency Exchange Grinex Ceases Operations Following Alleged State-Sponsored Hack

A prominent cryptocurrency exchange, Grinex, has suspended its services after falling victim to a significant cyber attack, resulting in the loss of approximately 1 billion rubles, equivalent to $13 million. The exchange, previously known as Garantex and based in Kyrgyzstan, made the announcement via its Telegram channel and official website. According to Grinex, the sophisticated nature of the attack suggests the involvement of state-backed entities from 'unfriendly nations.' The exchange's statement highlights that 'the digital traces and the character of the attack imply an unprecedented level of resources and technology, typically available only to the structures of unfriendly states.' Preliminary data indicates that the attack was orchestrated to directly impact Russia's financial autonomy. Grinex, which has been under sanctions imposed by the US, UK, and EU since last year, was initially known as Garantex. The sanctions were imposed due to the exchange's role in helping users circumvent 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 following its invasion of Ukraine. Shortly after being shut down, the platform re-emerged as Grinex. The temporary halt in trading has left users unable to access 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 losses occurring in USDT on the TRON blockchain.