A prominent cryptocurrency exchange, Grinex, has temporarily ceased operations after falling victim to a sophisticated cyber attack that resulted in the theft of approximately $13 million. The exchange, which has been accused of helping Russian users circumvent sanctions, announced the breach on its official Telegram channel and website.
According to Grinex, the attack's level of complexity and coordination suggests the involvement of state-sponsored actors from hostile nations. The exchange stated, 'Preliminary analysis indicates that the attack was orchestrated with the intention of directly impacting Russia's financial independence.' Grinex, originally known as Garantex, was sanctioned by the US, UK, and EU last year for allegedly enabling users to bypass restrictions through a ruble-pegged stablecoin called A7A5.
This token allowed for cross-border transactions when Russia's access to the Swift interbank messaging system was restricted due to its invasion of Ukraine. Following the sanctions, the platform reemerged as Grinex. The current pause in trading 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 most of the stolen funds being in the form of USDT on the TRON blockchain.