A prominent cryptocurrency exchange, Grinex, which catered to Russians seeking to circumvent sanctions, has halted its operations after falling victim to a large-scale cyber attack that resulted in the theft of approximately 1 billion rubles, equivalent to $13 million. The exchange announced the breach via its Telegram channel and website, attributing the sophisticated attack to state-sponsored entities from 'hostile nations'.
The attack's complexity and coordination suggest the involvement of state-backed actors, according to Grinex. 'Preliminary data indicates that the attack was orchestrated with the intention of directly undermining Russia's financial independence,' the exchange stated.
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 reemerged 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 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.