A prominent cryptocurrency exchange, Grinex, has temporarily ceased operations after falling victim to a substantial cyber attack, resulting in the loss of approximately $13 million. The exchange, which was formerly known as Garantex and is based in Kyrgyzstan, made the announcement via its Telegram channel and official website. According to Grinex, the sophisticated nature of the attack suggests the involvement of state-sponsored entities from 'hostile' nations.
The exchange stated, 'The digital traces and characteristics of the attack indicate an unprecedented level of resources and technology, typically available only to the structures of unfriendly states.' It is believed that the primary objective of the attack was to directly compromise Russia's financial autonomy. Grinex had been sanctioned by the US, UK, and EU last year for allegedly assisting users in circumventing restrictions through a ruble-backed stablecoin called A7A5. This stablecoin enabled cross-border transactions when Russia's access to the Swift inter-bank messaging system was suspended due to its invasion of Ukraine. Following the initial shutdown, the platform re-emerged as Grinex.
As a result of the current pause in trading, users are currently unable to access their funds while the company conducts an investigation. Additionally, access to the company's Moscow office has been restricted. Grinex has released a list of 54 affected wallet addresses, along with the corresponding amounts that were drained, with the majority being in the form of USDT on the TRON blockchain.