Grinex Cryptocurrency 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, resulting in the theft of approximately $13 million. The exchange, which has been accused of helping Russian users circumvent sanctions, announced the breach on its official Telegram channel and website. According to Grinex, the attack's level of complexity and coordination suggests the involvement of state-sponsored actors from 'hostile nations.' The exchange stated that preliminary data indicates the attack was designed to directly undermine Russia's financial autonomy. Grinex, originally known as Garantex, was sanctioned by the US, UK, and EU last year for allegedly enabling users to bypass restrictions through a ruble-backed stablecoin called A7A5. This stablecoin allowed for 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 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, with most of the stolen funds being in the form of USDT on the TRON blockchain.