A prominent cryptocurrency exchange, Grinex, which was popular among Russian users seeking to circumvent sanctions, has temporarily halted its operations after falling victim to a major cyberattack. The breach, which is believed to have been orchestrated by state-backed actors, resulted in the theft of approximately 1 billion rubles, equivalent to $13 million. The exchange announced the attack on its official Telegram channel and website, stating that the sophistication and coordination of the hack suggest the involvement of 'unfriendly states.' According to Grinex, preliminary data indicates that the attack was designed to directly undermine Russia's financial sovereignty.
The exchange, which was previously known as Garantex, had been sanctioned by the United States, the United Kingdom, and the European Union for its role in helping users evade sanctions through a ruble-backed stablecoin called A7A5. This token enabled cross-border transactions even after Russia's access to the Swift inter-bank messaging system was restricted following its invasion of Ukraine. After being shut down, the platform re-emerged 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, with the majority of the stolen funds being in the form of USDT on the TRON blockchain.