Grinex Crypto Exchange Suspends Operations Following $13 Million Cyber Heist

A prominent cryptocurrency exchange, Grinex, has temporarily ceased operations after falling victim to a substantial 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 complexity and coordination suggest the involvement of state-sponsored actors from hostile nations. 'The digital traces and nature of the attack imply an unprecedented level of resources and technology, typically available only to the structures of unfriendly states,' the exchange stated. 'Preliminary data indicates that the attack was orchestrated to directly undermine Russia's financial sovereignty.' Grinex, formerly 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 token facilitated cross-border transactions when 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 trading halt 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 and the corresponding amounts, with most of the stolen funds being in the form of USDT on the TRON blockchain.