Grinex Exchange, Linked to Russia, Ceases Operations Following $13 Million Cyber Heist

A prominent cryptocurrency exchange, Grinex, which catered to Russian users seeking to circumvent sanctions, has halted its operations after disclosing a significant cyber attack that resulted in the theft of approximately 1 billion rubles, equivalent to $13 million. The exchange revealed the breach through a statement on its website and Telegram channel, suggesting that the attack's sophistication and coordination pointed to the involvement of state-sponsored actors from 'hostile nations.' The statement from Grinex noted, 'The digital traces and the nature of the attack suggest an unprecedented level of resources and technology, typically available only to the structures of unfriendly states.' According to initial findings, the attack aimed to directly compromise Russia's financial autonomy. Grinex, originally known as Garantex, was sanctioned by the US, UK, and EU last year for allegedly assisting users in bypassing restrictions through a ruble-backed stablecoin called A7A5. This token enabled cross-border transactions when Russia's access to the Swift banking system was suspended due to its invasion of Ukraine. Following the sanctions, the platform reemerged as Grinex. The temporary suspension of trading activities has left users unable to access their funds, pending an investigation. Moreover, access to the company's Moscow office has been restricted. Grinex has released a list detailing 54 affected wallet addresses and the corresponding amounts that were drained, with the majority being in the form of USDT on the TRON blockchain.