Grinex Crypto Exchange Suspends Activities Following $13 Million Hack Allegedly Backed by State Actors

A prominent cryptocurrency exchange, Grinex, has halted its operations after falling victim to a cyber attack that resulted in the theft of approximately $13 million. The exchange, which has been linked to Russia and is based in Kyrgyzstan, made the announcement via its Telegram channel and website. According to Grinex, the nature and scope of the attack suggest the involvement of state-sponsored entities from 'hostile nations.' The exchange stated, 'Preliminary analysis indicates that the attack was highly sophisticated and well-coordinated, suggesting the use of resources and technology typically available only to state-backed actors.' Grinex, which was initially known as Garantex, had been sanctioned by the US, UK, and EU for allegedly providing a means for users to circumvent restrictions through a ruble-pegged stablecoin called A7A5. This token enabled cross-border transactions after Russia's access to the Swift banking network was severed due to its invasion of Ukraine. Following the sanctions, the platform rebranded as Grinex. The temporary suspension of trading activities has left users without access to 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 and the corresponding amounts that were drained, with the majority being in the form of USDT on the TRON blockchain.