A prominent cryptocurrency exchange, Grinex, has halted its operations after falling victim to a significant cyber attack, resulting in the loss of approximately $13 million. The exchange, which has been linked to Russia and is based in Kyrgyzstan, made the announcement via its Telegram channel and official website.
According to Grinex, the nature of the attack suggests the involvement of state-sponsored entities from 'hostile nations.' The exchange stated, 'Preliminary analysis indicates that the attack was orchestrated with the intention of undermining Russia's financial autonomy, utilizing resources and technology typically available only to state-affiliated actors.' Grinex, formerly known as Garantex, was sanctioned by the US, UK, and EU last year for allegedly aiding users in circumventing restrictions through a ruble-pegged stablecoin called A7A5. This token enabled cross-border transactions after Russia's access to the Swift banking network 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, pending an investigation. Additionally, access to the company's Moscow office has been restricted.
Grinex has released a list of 54 affected wallet addresses, with most of the drained funds being in the form of USDT on the TRON blockchain.