A prominent cryptocurrency exchange, Grinex, has halted all operations after falling victim to a sophisticated cyber attack that resulted in the theft of approximately 1 billion rubles, equivalent to $13 million. The exchange, which has been a popular platform for Russian users seeking to circumvent sanctions, announced the breach on its official Telegram channel and website.
According to Grinex, the nature and scope of the attack suggest the involvement of state-sponsored actors from hostile nations. In a statement, the exchange noted that the attack's digital footprint and level of technical expertise imply an unprecedented level of resources, typically only accessible to unfriendly state structures. Preliminary data indicates that the attack was coordinated to deliberately undermine Russia's financial sovereignty. Grinex, 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 called A7A5.
This token enabled cross-border transactions even after Russia's access to the Swift inter-bank messaging system was severed following its invasion of Ukraine. After being shut down, the platform re-emerged as Grinex. The temporary suspension of trading activities has left users unable to access 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, along with the corresponding amounts that were drained, with the majority being in the form of USDT on the TRON blockchain.