A prominent cryptocurrency exchange, Grinex, has suspended its services after falling victim to a sophisticated cyber attack, resulting 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 'digital fingerprints' and methodology employed in the attack are indicative of an unprecedented level of technological expertise and resources, typically reserved for state-backed entities. Preliminary findings suggest that the attack was orchestrated to deliberately undermine Russia's financial sovereignty. Grinex, formerly known as Garantex, has been the subject of sanctions imposed by the US, UK, and EU, due to its alleged role in enabling users to circumvent restrictions through the use of a ruble-backed stablecoin called A7A5.
This token facilitated cross-border transactions at a time when Russia's access to the Swift international banking network was suspended, following its invasion of Ukraine. After being shut down, the platform re-emerged under the name Grinex. As a result of the temporary suspension of trading activities, users are currently unable to access their funds, while the company conducts an investigation into the incident.
Additionally, access to Grinex's Moscow office has been restricted. The exchange has published a list of 54 affected wallet addresses, along with the corresponding amounts that were drained, with the majority of the stolen funds being in the form of USDT on the TRON blockchain.