A prominent cryptocurrency exchange, Grinex, which was popular among Russian users seeking to circumvent sanctions, has halted its operations after falling victim to a significant cyber attack. The breach, which resulted in the theft of approximately 1 billion rubles ($13 million), was disclosed by the exchange via its Telegram channel and an official statement on its website. According to Grinex, the sophisticated nature of the attack suggests the involvement of state-sponsored actors from 'unfriendly nations.' The exchange's statement noted that 'the digital traces and characteristics of the attack indicate an unprecedented level of resources and technology, typically available only to the structures of unfriendly states.' Preliminary data allegedly points to the attack being coordinated to directly impact Russia's financial sovereignty. Grinex, originally known as Garantex, was itself subject to sanctions imposed by the US, UK, and EU last year, with officials in Washington accusing the platform of aiding users in evading restrictions through a ruble-backed stablecoin called A7A5.
This token enabled cross-border payments 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 current suspension of trading activities has left users unable to access their funds, pending an investigation by the company.
Additionally, access to its Moscow office has been restricted. Grinex has released a list of 54 affected wallet addresses along with the amounts drained, with the majority being in the form of USDT on the TRON blockchain.