A prominent cryptocurrency exchange, Grinex, which catered to Russians seeking to circumvent sanctions, has suspended its services after falling victim to a significant cyber attack that resulted in the theft of approximately 1 billion rubles, equivalent to $13 million. The exchange, headquartered in Kyrgyzstan, announced the breach via its Telegram channel and an official statement on its website, attributing the attack to state-backed actors from 'hostile nations' due to the high level of coordination and technical expertise involved.
According to Grinex, 'the digital traces and the nature of the attack suggest an unprecedented level of resources and technology, typically available only to the structures of unfriendly states,' with preliminary data indicating the attack aimed to directly undermine Russia's financial autonomy. Grinex, originally known as Garantex, was sanctioned by the US, UK, and EU last year for allegedly facilitating the circumvention of restrictions through a ruble-backed stablecoin called A7A5. This token enabled cross-border transactions after Russia's access to the Swift interbank messaging system was severed following its invasion of Ukraine.
After being shut down, the platform reemerged as Grinex. The trading halt has left users unable to access their funds while the company conducts an investigation, with its Moscow office also facing restricted access. Grinex has released a list of 54 affected wallet addresses and the corresponding drained amounts, with most of the stolen funds being in the form of USDT on the TRON blockchain.