Grinex Exchange Ceases Operations Following $13 Million Cyber Attack Allegedly Backed by State Actors

Cryptocurrency exchange Grinex, popular among Russian users seeking to circumvent sanctions, has suspended its operations after falling victim to a cyber attack that drained approximately $13 million from its systems. The breach was disclosed by the exchange on its Telegram channel and website, with Grinex attributing the attack to state-backed entities from 'hostile nations' due to its sophistication and coordination. According to Grinex, preliminary data suggests the attack aimed to directly undermine Russia's financial sovereignty. The exchange, originally known as Garantex, was sanctioned by the US, UK, and EU last year for allegedly helping users bypass restrictions through a ruble-backed stablecoin. The suspension of trading activities has left users without access to their funds while the company conducts an investigation, with its Moscow office also facing restricted access. A list of 54 affected wallet addresses and the corresponding drained amounts has been published by Grinex, with most of the drained funds being in the form of USDT on the TRON blockchain.