Grinex Exchange Shuts Down Following $13 Million Cyber Heist Allegedly Backed by State Actors

A prominent cryptocurrency exchange, Grinex, has suspended all operations after announcing that it suffered a massive cyber attack resulting in the theft of approximately 1 billion rubles, equivalent to $13 million. The breach was disclosed through the exchange's official Telegram channel and website, with Grinex attributing the attack to state-sponsored actors from 'hostile nations'. According to the exchange, the sophisticated nature and coordination of the attack suggest the involvement of state-backed entities, with 'digital footprints' indicating an unprecedented level of technological capabilities. Grinex stated that preliminary data suggests the attack aimed to directly undermine Russia's financial autonomy. The exchange, originally operating as Garantex, was sanctioned by the US, UK, and EU last year for allegedly assisting users in circumventing restrictions using a ruble-backed stablecoin called A7A5. This stablecoin enabled cross-border transactions after Russia's access to the Swift interbank messaging system was severed due to its invasion of Ukraine. Following the sanctions, the platform re-emerged as Grinex. The temporary halt in trading has left users without access to their funds as 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, detailing the amounts stolen, with most of the drained funds being in the form of USDT on the TRON blockchain.