A prominent cryptocurrency exchange, Grinex, has temporarily ceased operations after falling victim to a sophisticated cyber attack that resulted 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, suggesting that the attack was likely orchestrated by state-sponsored actors from hostile nations.
According to Grinex, the attack's complexity and coordination imply an unprecedented level of resources, typically reserved for state-backed entities. The exchange, originally known as Garantex, was sanctioned by the US, UK, and EU last year for allegedly enabling users to bypass restrictions using a ruble-backed stablecoin called A7A5. This token allowed for cross-border transactions after Russia's access to the Swift inter-bank messaging system was suspended following its invasion of Ukraine.
Following the sanctions, the platform re-emerged as Grinex. The current suspension of trading activities has left users without access to 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.