Grinex Exchange Ceases Operations Following $13 Million Cyber Attack Allegedly Backed by State Actors

A prominent cryptocurrency exchange, Grinex, has temporarily suspended its operations after falling victim to a significant cyber attack, resulting in the theft of approximately 1 billion rubles, equivalent to $13 million. The exchange announced the breach via its Telegram channel and official website, suggesting that the attack's sophistication and coordination imply the involvement of state-backed entities from 'hostile nations'. According to Grinex, preliminary data indicates that the attack was designed to deliberately harm Russia's financial autonomy. The exchange had previously been sanctioned by the US, UK, and EU for allegedly assisting users in circumventing 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 suspended due to its invasion of Ukraine. Following the sanctions, the platform re-emerged as Grinex. The trading halt has left users unable to access their funds while the company conducts an investigation, and access to its Moscow office has been restricted. A list of 54 affected wallet addresses and the corresponding amounts has been published by Grinex, with most of the stolen funds being in the form of USDT on the TRON blockchain.