Grinex Cryptocurrency Exchange Suspends Operations Following Alleged State-Sponsored Hack

A prominent cryptocurrency exchange, Grinex, has temporarily ceased operations after falling victim to a sophisticated cyber attack that resulted in the theft of approximately $13 million. The exchange, which operates out of Kyrgyzstan, announced the breach via its Telegram channel and website, suggesting that the attack was likely orchestrated by state-sponsored actors from hostile nations. According to Grinex, the nature and scale of the attack imply a level of technical expertise and resources that are typically exclusive to state-backed entities. The exchange stated that preliminary data indicates the attack was deliberately designed to undermine Russia's financial autonomy. Grinex, formerly known as Garantex, was sanctioned by the US, UK, and EU last year for allegedly enabling users to circumvent restrictions through a ruble-backed stablecoin called A7A5. This token facilitated cross-border transactions after Russia's access to the Swift inter-bank messaging 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 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, with the majority of the stolen funds being in the form of USDT on the TRON blockchain.