Grinex Exchange Suspends Operations Following Alleged State-Sponsored $13 Million Cyber Heist

A prominent cryptocurrency exchange, Grinex, has temporarily halted its operations after falling victim to a sophisticated cyber attack that resulted in the theft of approximately $13 million. The exchange, which has been linked to Russia, announced the breach on its official Telegram channel and website, suggesting that the attack was likely carried out by state-sponsored actors from 'unfriendly nations'. According to Grinex, the nature and scope of the attack imply a high level of technical expertise and resources, typically associated with government-backed entities. The exchange stated that preliminary data indicates the attack was designed to directly impact Russia's financial autonomy. Grinex, formerly known as Garantex, was sanctioned by the US, UK, and EU last year for allegedly aiding users in circumventing 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 sanctions, the platform re-emerged as Grinex. The 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, with the majority of the stolen funds being in the form of USDT on the TRON blockchain.