Grinex 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, announced the breach on its official Telegram channel and website. According to Grinex, the attack exhibited a high level of coordination and technical expertise, suggesting the involvement of state-sponsored actors from 'hostile nations'. The exchange stated, 'The digital trail and nature of the attack indicate an unprecedented level of resources and technology, typically available only to the structures of unfriendly states.' Preliminary data suggests that the attack was orchestrated to directly undermine Russia's financial sovereignty. Grinex, which has been sanctioned by the US, UK, and EU for allegedly helping users circumvent restrictions, previously operated under the name Garantex. The exchange had been allowing users to transfer funds using a ruble-backed stablecoin called A7A5, thereby facilitating cross-border payments after Russia's access to the Swift inter-bank messaging system was suspended 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 and the corresponding amounts that were drained, with the majority of the stolen funds being in the form of USDT on the TRON blockchain.