A prominent cryptocurrency exchange, Grinex, which was popular among Russian users seeking to circumvent sanctions, has temporarily ceased operations due to a significant cyber attack. The breach, which resulted in the theft of approximately 1 billion rubles ($13 million), was disclosed by the exchange on its official Telegram channel and website.
According to Grinex, the sophisticated nature of the attack suggests the involvement of state-backed entities from 'hostile nations.' The exchange stated, 'Preliminary analysis indicates that the attack was orchestrated with the intention of directly undermining Russia's financial autonomy, leveraging resources and technology typically reserved for unfriendly state structures.' Grinex, previously known as Garantex, was sanctioned by the US, UK, and EU last year for allegedly aiding users in evading restrictions through 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 following its invasion of Ukraine. After being taken down, the platform re-emerged as Grinex.
The trading halt has left users unable to access 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, with most of the stolen funds being in the form of USDT on the TRON blockchain.