Grinex Exchange Suspends Operations Following $13 Million Cyber Heist

A major cryptocurrency exchange, Grinex, has halted all operations after suffering a significant cyber attack, resulting in the theft of approximately $13 million. The exchange, which has ties to Russia and was previously known as Garantex, announced the breach on its official Telegram channel and website. According to Grinex, the attack exhibited a high level of sophistication and coordination, suggesting the involvement of state-backed actors from 'hostile nations.' The exchange's statement noted that 'the digital footprint and nature of the attack indicate an unprecedented level of resources and technology, typically only available to the structures of unfriendly states.' It is believed that the attack was designed to undermine Russia's financial independence. Grinex had previously been sanctioned by the US, UK, and EU for allegedly helping users circumvent restrictions through a ruble-backed stablecoin called A7A5. This token enabled cross-border transactions after Russia's access to the Swift inter-bank messaging system was suspended due to its invasion of Ukraine. Following the sanctions, the platform rebranded 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. A list of 54 affected wallet addresses and the corresponding drained amounts has been published by Grinex, with most of the stolen funds being in the form of USDT on the TRON blockchain.