A prominent cryptocurrency exchange, Grinex, which was popular among Russian users seeking to circumvent sanctions, has temporarily ceased 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 is based in Kyrgyzstan, announced the breach via its Telegram channel and an official statement on its 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 orchestrated with the intention of directly undermining Russia's financial autonomy.
The exchange, previously known as Garantex, had been sanctioned by the US, UK, and EU for its role in enabling users to bypass restrictions through a ruble-backed 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 suspension of trading activities 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 exchange has released a list of 54 affected wallet addresses and the corresponding drained amounts, with the majority being in USDT on the TRON blockchain.