Grinex Crypto Exchange Suspends Operations Following $13 Million Cyber Heist

A prominent cryptocurrency exchange, Grinex, has halted all 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 through the exchange's official Telegram channel and website, with Grinex attributing the attack to state-sponsored actors from 'hostile nations' due to its complex nature and high level of coordination. According to Grinex, preliminary findings suggest that the attack was designed to directly undermine Russia's financial independence. The exchange, originally operating as Garantex, had been sanctioned by the US, UK, and EU for its role in enabling users to circumvent restrictions using a ruble-pegged stablecoin called A7A5. This token facilitated cross-border transactions after Russia's access to the Swift interbank messaging system was suspended following its invasion of Ukraine. Following the sanctions, the platform reemerged as Grinex. The temporary 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, along with the corresponding amounts stolen, has been published by Grinex, with the majority of the losses occurring in USDT on the TRON blockchain.