A prominent cryptocurrency exchange, Grinex, which has been a popular platform for Russian users seeking to circumvent sanctions, has temporarily halted its 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 involved. According to Grinex, preliminary data suggests that the attack was deliberately designed to undermine Russia's financial autonomy. The exchange, which was originally known as Garantex, had been sanctioned by the US, UK, and EU for its alleged role in helping users evade restrictions 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 suspended following its invasion of Ukraine. After being shut down, the platform re-emerged as Grinex.
The suspension of trading activities has left users without access to their funds while the company conducts an investigation. Additionally, access to the exchange's Moscow office has been restricted.
Grinex has released a list of 54 affected wallet addresses and the corresponding amounts that were drained, with the majority of the stolen funds being in the form of USDT on the TRON blockchain.