Cryptocurrency Exchange Grinex Suspends Operations Following $13 Million Cyber Heist

A prominent cryptocurrency exchange, Grinex, has temporarily halted all operations after falling victim to a sophisticated cyber attack that resulted in the theft of approximately $13 million. The exchange, which has been a popular platform for Russian users seeking to circumvent sanctions, 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. In a statement, Grinex noted that the digital evidence and nature of the attack imply an unprecedented level of resources and technological capabilities, typically reserved for the structures of unfriendly states. Preliminary data suggests that the attack was orchestrated with the intention of directly undermining Russia's financial sovereignty. Grinex, originally known as Garantex, was sanctioned by the US, UK, and EU last year for allegedly aiding users in evading restrictions through a ruble-backed stablecoin called A7A5. This token enabled cross-border transactions when 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 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 published a list of 54 affected wallet addresses, along with the corresponding amounts that were drained, with the majority being in the form of USDT on the TRON blockchain.