A prominent cryptocurrency exchange, Grinex, has suspended its operations after falling victim to a sophisticated cyber attack that resulted in the theft of approximately $13 million. The exchange, which operates from Kyrgyzstan, announced the breach via its Telegram channel and official website, suggesting that the attack's complexity and coordination imply the involvement of state-sponsored actors from hostile nations. According to Grinex, preliminary data indicates that the attack was designed to directly undermine Russia's financial autonomy. The exchange had previously been sanctioned by the US, UK, and EU for its role in facilitating the circumvention of economic 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 due to its invasion of Ukraine. Following the sanctions, the platform re-emerged as Grinex.
The temporary halt in trading has left users without access to their funds while the company conducts an investigation. Additionally, access to Grinex's Moscow office has been restricted.
The company has released a list of 54 affected wallet addresses, with the majority of the stolen funds being in the form of USDT on the TRON blockchain.