Grinex Exchange Suspends Operations Following Alleged State-Backed Cyber Attack

A prominent cryptocurrency exchange, Grinex, has temporarily ceased operations due to a significant cyber attack, resulting in the loss of approximately $13 million. The breach was disclosed through the exchange's Telegram channel and official website, with indications suggesting the involvement of state-backed entities from 'hostile nations'. According to Grinex, the sophisticated nature of the attack implies an unprecedented level of technological expertise, typically reserved for state-sponsored actors. The exchange, formerly known as Garantex and based in Kyrgyzstan, has faced sanctions from the US, UK, and EU for allegedly facilitating sanction evasion by Russian users. The platform had introduced a ruble-backed stablecoin, A7A5, to enable cross-border transactions after Russia's access to the Swift messaging system was restricted. Following the suspension, users are currently unable to access their funds, and the company's Moscow office has been closed for investigation. A list of 54 affected wallets, primarily containing USDT on the TRON blockchain, has been released by Grinex.