Grinex Exchange Suspends Operations Following $13 Million Cyber Heist

Cryptocurrency exchange Grinex, popular among Russian users seeking to circumvent sanctions, has halted operations after a significant cyber attack resulted in the loss of approximately $13 million. The exchange, which is based in Kyrgyzstan, announced the breach via its Telegram channel and website, attributing the attack to state-sponsored actors from 'hostile nations'. According to Grinex, the attack's sophistication and coordination suggest the involvement of state-backed entities, with the goal of undermining Russia's financial autonomy. The exchange had previously been sanctioned by the US, UK, and EU for its alleged role in helping users evade 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 reemerged as Grinex. The suspension of trading activities has left users without access to their funds, while the company conducts an investigation. Grinex 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.