The Grinex cryptocurrency exchange, popular among Russian users seeking to circumvent sanctions, has temporarily ceased operations after falling victim to a cyber attack that resulted in the theft of approximately 1 billion rubles, equivalent to $13 million. The exchange, which is based in Kyrgyzstan, announced the breach via its Telegram channel and website, attributing the attack to state-sponsored actors from 'hostile nations' due to the sophisticated nature of the incident. According to Grinex, preliminary data suggests that the attack was deliberately designed to undermine Russia's financial autonomy.
The exchange had previously been sanctioned by the US, UK, and EU for its role in helping users bypass 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 suspended following its invasion of Ukraine. Following the sanctions, the platform rebranded as Grinex.
As a result of the current pause in trading, users are currently unable to access their funds while the company conducts an investigation. Additionally, access to Grinex's Moscow office has been restricted. A list of 54 affected wallet addresses and the corresponding drained amounts has been published by Grinex, with most of the stolen funds being in the form of USDT on the TRON blockchain.