Grinex Crypto Exchange Suspends Operations Following $13 Million Cyber Attack

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 exchange, which has a significant user base in Russia, announced the breach on its official Telegram channel and website, attributing the attack to state-sponsored actors from 'hostile nations'. According to Grinex, the nature and scope of the attack suggest an unprecedented level of technological expertise and resources, typically available only to 'unfriendly state structures'. The exchange stated that preliminary data indicates the attack was deliberately designed to undermine Russia's financial independence. Grinex, formerly known as Garantex, was sanctioned by the US, UK, and EU last year for allegedly facilitating the circumvention of restrictions through a ruble-pegged stablecoin called A7A5. This token enabled cross-border transactions after Russia's access to the Swift international banking system was severed due to its invasion of Ukraine. Following the sanctions, the platform re-emerged as Grinex. The suspension of trading activities has left users unable to access their funds, and the company's Moscow office has been closed pending an investigation. Grinex has released a list of 54 affected wallet addresses, with most of the stolen funds being in the form of USDT on the TRON blockchain.