Grinex Cryptocurrency Exchange Suspends Operations Following $13 Million Cyber Heist

A prominent cryptocurrency exchange, Grinex, has temporarily halted all operations after suffering a major cyber attack that resulted in the theft of approximately 1 billion rubles, equivalent to $13 million. The exchange, which has been accused of facilitating sanctions evasion for Russian users, announced the breach via its official Telegram channel and website. According to Grinex, the nature and scale of the attack suggest the involvement of state-sponsored actors from hostile nations. The exchange stated, 'Preliminary analysis indicates that the attack was orchestrated with the aim of directly undermining Russia's financial autonomy, leveraging resources and technology typically reserved for state-backed entities.' Grinex, previously operating as Garantex, was sanctioned by the U.S., U.K., and EU last year for allegedly enabling users to circumvent restrictions through a ruble-pegged stablecoin called A7A5. This token allowed for cross-border transactions after Russia's access to the Swift interbank messaging system was severed due to its invasion of Ukraine. Following the initial shutdown, the platform reemerged under the name Grinex. As a result of the current suspension, users are unable to access their funds while the company conducts an investigation. Additionally, access to Grinex's Moscow office has been restricted. The exchange has released a list of 54 affected wallet addresses, along with the corresponding amounts stolen, with the majority being in the form of USDT on the TRON blockchain.