A prominent cryptocurrency exchange, Grinex, which caters to Russian users seeking to circumvent sanctions, has halted its 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 operates from Kyrgyzstan, announced the breach via its Telegram channel and an official statement on its website, attributing the attack to state-sponsored entities from 'hostile nations' due to its coordinated nature and high level of technical expertise.
According to Grinex, preliminary findings suggest that the attack was designed to compromise Russia's financial independence. The exchange, initially known as Garantex, was sanctioned by the US, UK, and EU last year for allegedly aiding users in evading restrictions through a ruble-pegged stablecoin called A7A5. This token enabled cross-border transactions after Russia's access to the Swift banking network was severed following its invasion of Ukraine. After being shut down, the platform reemerged as Grinex.
The suspension of trading activities has left users without access to their funds while the company conducts an investigation. Additionally, access to its Moscow office has been restricted.
Grinex has released a list detailing 54 affected wallet addresses and the corresponding amounts that were drained, with most of the stolen funds being in the form of USDT on the TRON blockchain.