Grinex Exchange Ceases Operations Following Alleged State-Sponsored Hack Worth $13 Million

A prominent cryptocurrency exchange, Grinex, 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 breach was disclosed by the exchange via its Telegram channel and an official statement on its website, attributing the attack to state-backed actors from 'hostile nations' due to its high level of coordination and technical expertise. According to Grinex, preliminary data suggests the attack was designed to directly impact Russia's financial autonomy. The exchange, originally known as Garantex, had been sanctioned by the US, UK, and EU for its role in 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 severed following its invasion of Ukraine. After being shut down, the platform re-emerged as Grinex. The trading halt has left users unable to access their funds while the company conducts an investigation, with access to its Moscow office also being restricted. Grinex has released a list of 54 affected wallet addresses and the corresponding amounts, with the majority being in USDT on the TRON blockchain.