A cryptocurrency exchange popular among Russians seeking to circumvent sanctions, Grinex, has halted its operations after falling victim to a cyber attack that drained approximately $13 million from its systems. The exchange, based in Kyrgyzstan, announced the breach via its Telegram channel and website, attributing the sophisticated attack to state-sponsored entities from 'hostile nations.' According to Grinex, the assault's complexity and resources suggest an 'unprecedented level of coordination and technical expertise, typically reserved for structures affiliated with unfriendly states.' Preliminary findings indicate the attack aimed to undermine Russia's financial autonomy.
Grinex, originally known as Garantex, was sanctioned by the US, UK, and EU last year for allegedly aiding users in evading restrictions through a ruble-pegged stablecoin called A7A5. This token enabled cross-border transactions after Russia's access to the Swift banking network was severed due to its invasion of Ukraine. Following the sanctions, the platform re-emerged as Grinex.
The trading pause has left users without access to their funds as the company conducts an investigation. Additionally, access to its Moscow office has been restricted. Grinex has released a list of 54 affected wallet addresses and the corresponding drained amounts, with most being in USDT on the TRON blockchain.