A prominent cryptocurrency exchange, Grinex, which was popular among Russian users seeking to circumvent sanctions, has suspended its operations after falling victim to a sophisticated cyber attack that resulted in the theft of approximately 1 billion rubles, equivalent to $13 million. The exchange announced the breach on its official Telegram channel and website, attributing the attack to state-sponsored actors from 'hostile nations' due to the high level of coordination and technical expertise involved.
According to Grinex, preliminary evidence suggests that the attack was deliberately designed to undermine Russia's financial independence. The exchange had previously been sanctioned by the US, UK, and EU for its role in helping users evade restrictions through the use of a ruble-backed stablecoin called A7A5. This stablecoin enabled cross-border transactions after Russia's access to the Swift international banking system was severed following its invasion of Ukraine.
After being shut down, the platform re-emerged under the name Grinex. As a result of the suspension, users are currently unable to access 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 wallets, with most of the stolen funds being in the form of USDT on the TRON blockchain.