A prominent cryptocurrency exchange, Grinex, has temporarily ceased operations after falling victim to a sophisticated cyber attack that resulted in the theft of approximately $13 million. The exchange, which has been accused of helping Russian users circumvent sanctions, announced the breach on its official Telegram channel and website, attributing the attack to state-sponsored actors from 'hostile nations'. According to Grinex, the nature and scope of the attack suggest an 'unprecedented level of resources and technology' typically reserved for 'structures of unfriendly states', with the primary objective of undermining Russia's financial independence.
The exchange, originally known as Garantex, was sanctioned by the US, UK, and EU last year for its alleged role in enabling users to bypass restrictions through a ruble-pegged stablecoin called A7A5. This token facilitated 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 reemerged as Grinex. The trading halt has left users without access to their funds as the company conducts an investigation, with its Moscow office also facing restricted access.
Grinex 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.