A prominent cryptocurrency exchange, Grinex, has temporarily ceased 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 accused of helping Russian users 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. 'The attack's digital footprint and technical complexity indicate an unprecedented level of resources and technology, typically only available to structures backed by unfriendly states,' the exchange stated.
'Preliminary data suggests that the attack was coordinated to directly undermine Russia's financial sovereignty.' Grinex, formerly known as Garantex, was sanctioned by the US, UK, and EU last year for allegedly facilitating the movement of restricted funds through a ruble-backed stablecoin called A7A5. This stablecoin enabled cross-border transactions after Russia's access to the Swift inter-bank messaging system was severed following its invasion of Ukraine. After being shut down, the platform reemerged as Grinex.
The 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, with most of the stolen funds being in the form of USDT on the TRON blockchain.