Grinex Crypto Exchange Suspends Operations Following $13 Million Cyber Heist

A prominent cryptocurrency exchange, Grinex, has halted all operations after falling victim to a sophisticated cyber attack that resulted in the theft of approximately $13 million. The exchange, which was formerly known as Garantex and is based in Kyrgyzstan, made the announcement via its Telegram channel and official website. According to Grinex, the nature and coordination of the attack suggest the involvement of state-sponsored actors from hostile nations. In a statement, Grinex noted that the 'digital footprint and the characteristics of the attack indicate an unprecedented level of resources and technology, typically available only to the structures of unfriendly states.' The exchange believes that the primary objective of the attack was to directly compromise Russia's financial sovereignty. Grinex has been under sanctions imposed by the US, UK, and EU since last year, with officials in Washington accusing the platform of helping users circumvent restrictions through a ruble-backed stablecoin called A7A5. This token enabled cross-border transactions even after Russia's access to the Swift inter-bank messaging system was severed due to its invasion of Ukraine. Following the initial sanctions, the platform re-emerged under the name Grinex. As a result of the suspension, users are currently 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.