A prominent cryptocurrency exchange, Grinex, has halted all operations after falling victim to a significant cyber attack, resulting in the loss of approximately $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 entities from hostile nations. The exchange stated that the 'digital footprint and the character of the attack indicate an unprecedented level of resources and technology, typically available only to the structures of unfriendly states.' It is believed that the primary objective of the attack was to directly compromise Russia's financial sovereignty. Grinex, formerly 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 stablecoin enabled cross-border transactions after Russia's access to the Swift inter-bank messaging system was suspended 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. Furthermore, access to the company's Moscow office has been restricted. Grinex has released a list of 54 affected wallet addresses, along with the corresponding amounts that were drained, with most of the losses occurring in USDT on the TRON blockchain.