Following a significant cyber attack resulting in the loss of approximately 1 billion rubles ($13 million), Grinex, a cryptocurrency platform popular among Russian users seeking to circumvent sanctions, has halted its operations. The breach was disclosed by the exchange through its Telegram channel and an official statement on its website, suggesting that the attack's sophistication and coordination imply the involvement of state-sponsored actors from 'unfriendly nations.' According to Grinex, preliminary data indicates that the attack was orchestrated to directly undermine Russia's financial autonomy. The exchange, initially known as Garantex, was subject to sanctions imposed by the US, UK, and EU due to its role in helping users bypass restrictions using a ruble-backed stablecoin called A7A5.
This token enabled cross-border transactions after Russia's access to the Swift inter-bank messaging system was severed due to its invasion of Ukraine. After being shut down, the platform reemerged as Grinex. The temporary suspension of trading activities has left users without access to their funds while the company conducts an investigation.
Furthermore, access to its Moscow office has been restricted. Grinex has released a list of 54 affected wallet addresses along with the amounts drained, with the majority being in USDT on the TRON blockchain.