Grinex Cryptocurrency Exchange Suspends Activities Following $13 Million Cyber Heist

A prominent cryptocurrency exchange, Grinex, has halted all operations after announcing that it suffered a significant cyber attack, resulting in the theft of approximately $13 million. The platform, which operates from Kyrgyzstan, revealed the breach via its Telegram channel and official website, suggesting that the attack's sophistication and coordination imply the involvement of state-sponsored actors from hostile nations. According to Grinex, the attack's digital trail and nature indicate an unprecedented level of resources and technological expertise, typically available only to state structures of unfriendly countries, with the goal of directly damaging Russia's financial autonomy. Grinex, originally known as Garantex, was itself subject to sanctions by the US, UK, and EU due to its alleged role in helping users circumvent restrictions through a ruble-backed stablecoin called A7A5. This stablecoin 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 temporary cessation of trading activities means that users are currently unable to access their funds while the company conducts an investigation. Additionally, access to its Moscow office has been restricted. Grinex has released a list of 54 affected wallet addresses along with the amounts drained, with most of the stolen funds being in the form of USDT on the TRON blockchain.