A prominent cryptocurrency exchange, Grinex, which catered to Russian users seeking to circumvent sanctions, has temporarily halted its operations after disclosing a major cyber attack that resulted in the theft of approximately 1 billion rubles, equivalent to $13 million. The exchange announced the breach via its Telegram channel and official website, attributing the attack to state-sponsored actors from 'hostile nations' due to its sophisticated nature and coordination.
The statement from Grinex noted, 'The digital traces and characteristics of the attack suggest an unprecedented level of resources and technology, typically available only to the structures of unfriendly states.' It further indicated that the preliminary investigation suggests the attack aimed to directly undermine Russia's financial independence. Grinex, originally operating as Garantex, was sanctioned by the US, UK, and EU for its role in helping users bypass restrictions through a ruble-backed stablecoin called A7A5. This stablecoin enabled cross-border transactions after Russia's access to the Swift banking system was severed following its invasion of Ukraine.
After being shut down, the platform re-emerged as Grinex. The current pause in trading activities has left users without access to their funds as 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 stolen, with the majority being in USDT on the TRON blockchain.