A prominent cryptocurrency exchange, Grinex, 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, which has been sanctioned by the US, UK, and EU for allegedly assisting users in circumventing sanctions, announced the breach via its Telegram channel and official website. According to Grinex, the nature and scale of the attack suggest the involvement of state-sponsored actors from 'unfriendly nations.' The exchange's statement noted that the 'digital fingerprints and the character of the attack imply an unprecedented level of resources and technology, typically available only to the structures of unfriendly states.' Preliminary findings indicate that the attack was orchestrated to directly undermine Russia's financial sovereignty.
Grinex, originally known as Garantex, was sanctioned last year by Western authorities for facilitating the movement of funds through a ruble-backed stablecoin called A7A5, thereby allowing users to bypass restrictions. The stablecoin enabled cross-border transactions after Russia's access to the Swift inter-bank messaging system was severed following its invasion of Ukraine. After being taken down, the platform re-emerged as Grinex.
The suspension of trading activities has left users unable to access their funds while the company conducts an investigation. Additionally, access to Grinex's Moscow office has been restricted. The exchange has published a list of 54 affected wallet addresses, along with the amounts stolen, with the majority of the losses being in USDT on the TRON blockchain.