A prominent cryptocurrency exchange, Grinex, which was popular among Russian users seeking to circumvent sanctions, has temporarily ceased operations 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 is based in Kyrgyzstan, announced the breach via its Telegram channel and website, suggesting that the attack was likely orchestrated by state-sponsored entities from 'hostile' nations. According to Grinex, the nature and scope of the attack imply an unprecedented level of technological expertise and resources, typically reserved for state-backed actors. The exchange had previously been sanctioned by the US, UK, and EU for allegedly aiding users in evading 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 following its invasion of Ukraine. Following the sanctions, the platform re-emerged under the name Grinex. The temporary suspension of trading activities 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 and the corresponding amounts that were drained, with the majority of the stolen funds being in the form of USDT on the TRON blockchain.