A prominent cryptocurrency exchange, Grinex, which catered to Russian users seeking to circumvent sanctions, has halted its operations after falling victim to a cyberattack that resulted in the theft of approximately 1 billion rubles, equivalent to $13 million. The exchange, which operates from Kyrgyzstan, revealed the breach via its Telegram channel and an official statement on its website, attributing the sophisticated attack to state-backed entities from 'hostile nations.' The exchange's statement noted, 'The attack's digital footprint and nature suggest an unprecedented level of resources and technology, typically available only to structures backed by unfriendly states.' According to preliminary findings, the attack aimed to directly compromise Russia's financial autonomy. Grinex, originally known as Garantex, was sanctioned by the US, UK, and EU last year for allegedly aiding users in evading 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 suspension of trading activities has left users unable to access their funds while the company conducts an investigation. Additionally, access to its Moscow office has been restricted.
Grinex has released a list of 54 affected wallet addresses and the corresponding amounts that were drained, with most of the stolen funds being in the form of USDT on the TRON blockchain.