Grinex Exchange Suspends Operations Following $13 Million Cyber Heist

A prominent cryptocurrency exchange, Grinex, has halted all operations after falling victim to a large-scale cyber attack, resulting in the theft of approximately 1 billion rubles, equivalent to $13 million. The exchange, which was formerly known as Garantex and has been a popular platform for Russian users seeking to bypass sanctions, revealed the breach on its official Telegram channel and website. According to Grinex, the sophisticated nature of the attack suggests the involvement of state-sponsored actors from hostile nations. The exchange's statement noted that the 'digital fingerprints and the character of the attack imply an unprecedented level of resources and technology, typically available only to the structures of unfriendly states.' It further alleged that the attack was orchestrated with the intention of directly undermining Russia's financial autonomy. Grinex had been sanctioned by the US, UK, and EU last year for its role in enabling users to circumvent restrictions through a ruble-backed stablecoin called A7A5. This token facilitated cross-border transactions after Russia's access to the Swift inter-bank messaging system was suspended 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 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 the majority being in the form of USDT on the TRON blockchain.