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 has been accused of helping Russian users circumvent sanctions, announced the breach on its official Telegram channel and website, attributing the attack to state-backed actors from hostile nations. According to Grinex, the attack's complexity and coordination suggest the involvement of advanced technologies and resources typically reserved for state-sponsored entities. The exchange, formerly known as Garantex, was sanctioned by the US, UK, and EU last year for allegedly enabling users to bypass restrictions through a ruble-backed stablecoin.
The stablecoin, known as A7A5, facilitated cross-border transactions after Russia's access to the Swift inter-bank messaging system was severed following its invasion of Ukraine. Grinex has since published a list of 54 affected wallet addresses, with the majority of the stolen funds being in the form of USDT on the TRON blockchain. As a result of the attack, users are currently unable to access their funds, and the company's Moscow office has been closed pending an investigation.