Cryptocurrency Exchange Grinex Ceases Operations Following $13 Million Cyber Heist

Grinex, a digital currency platform popular among Russians seeking to circumvent sanctions, has suspended its services after disclosing a major cyber attack that resulted in the theft of approximately 1 billion rubles, equivalent to $13 million. The breach was announced by the exchange on its official Telegram channel and website, with Grinex suggesting that the attack's sophistication and coordination imply the involvement of state-sponsored actors from 'hostile nations.' According to Grinex, preliminary evidence indicates that the attack was designed to directly undermine Russia's financial independence. The exchange, originally operating as Garantex, was sanctioned by the U.S., U.K., and EU last year for allegedly helping users bypass restrictions through a ruble-backed stablecoin called A7A5, which enabled cross-border transactions after Russia's access to the Swift interbank messaging system was severed due to its invasion of Ukraine. Following the sanctions, the platform reemerged as Grinex. The temporary halt in trading has left users unable to access their funds while the company conducts an investigation, with its Moscow office also facing restricted access. Grinex has released a list of 54 affected wallet addresses, detailing the amounts stolen, with the majority being in the form of USDT on the TRON blockchain.