Grinex Crypto Exchange Suspends Operations Following $13 Million Cyber Heist

A prominent cryptocurrency exchange, Grinex, has temporarily ceased all operations after disclosing a major security breach that resulted in the theft of approximately 1 billion rubles, equivalent to $13 million. The exchange, which operates out of Kyrgyzstan and has been linked to Russian users seeking to circumvent sanctions, made the announcement via its official Telegram channel and website. According to Grinex, the nature and scale of the attack suggest the involvement of state-sponsored entities from 'hostile' nations, with the exchange stating that 'the digital traces and characteristics of the attack indicate an unprecedented level of resources and technology, typically only available to the structures of unfriendly states.' The incident is particularly noteworthy given Grinex's history, having been sanctioned by the United States, the United Kingdom, and the European Union for its alleged role in helping users bypass economic restrictions. Originally known as Garantex, the platform was accused of facilitating the movement of funds through a ruble-backed stablecoin, known as A7A5, which enabled cross-border transactions even after Russia's access to the Swift international banking system was severed following its invasion of Ukraine. Following the sanctions, the exchange rebranded as Grinex. The current halt in trading activities means that users are currently unable to access their funds, while the company conducts an investigation into the breach. Additionally, access to Grinex's Moscow office has been restricted. In an effort to provide transparency, the exchange has published a list detailing 54 affected wallet addresses and the corresponding amounts that were drained, with the majority of the stolen funds being in the form of USDT on the TRON blockchain.