A prominent cryptocurrency exchange, Grinex, has halted its operations after falling victim to a major cyber attack that resulted in the theft of approximately 1 billion rubles, equivalent to $13 million. The exchange, which has been a popular platform for Russian users seeking to circumvent sanctions, announced the breach on its official Telegram channel and website. According to Grinex, the sophisticated nature of the attack suggests the involvement of state-sponsored actors from 'hostile nations'.
The exchange stated that 'the digital traces and characteristics of the attack imply an unprecedented level of resources and technological capabilities, typically available only to the structures of unfriendly states'. Preliminary findings indicate that the attack was orchestrated to directly undermine Russia's financial autonomy.
Grinex, originally known as Garantex, was sanctioned by the US, UK, and EU last year for allegedly assisting users in evading restrictions through a ruble-backed stablecoin called A7A5. This token enabled cross-border transactions after Russia's access to the Swift interbank 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 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, along with the corresponding amounts that were drained, with the majority being in the form of USDT on the TRON blockchain.