A prominent cryptocurrency exchange, Grinex, which has been popular among Russian users seeking to circumvent sanctions, 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 announced the breach via its Telegram channel and website, attributing the attack to state-sponsored actors from 'hostile nations' due to the high level of coordination and technical expertise displayed.
According to Grinex, preliminary findings suggest that the attack was deliberately designed to undermine Russia's financial independence. The exchange had previously been sanctioned by the US, UK, and EU for its role in helping users evade restrictions through the use of a ruble-backed stablecoin called A7A5.
This token enabled cross-border transactions after Russia's access to the Swift banking system was severed following its invasion of Ukraine. After being shut down, the platform re-emerged under the name Grinex.
The trading halt has left users without access to their funds while the company conducts an investigation. Additionally, access to Grinex's Moscow office has been restricted. A list of 54 affected wallets and the corresponding amounts stolen, primarily in USDT on the TRON blockchain, has been published by Grinex.