A prominent cryptocurrency exchange, Grinex, which was popular among Russian users seeking to circumvent sanctions, has temporarily halted its operations after reporting a significant cyber attack that resulted in the loss of approximately 1 billion rubles, equivalent to $13 million. The exchange, which is headquartered in Kyrgyzstan, revealed the breach through its official Telegram channel and website, suggesting that the attack's sophistication and coordination imply the involvement of state-sponsored entities from 'hostile nations.' According to Grinex's statement, 'the digital trail and nature of the attack suggest an unprecedented level of resources and technology, typically available only to structures backed by unfriendly states,' with preliminary data indicating that the attack aimed to directly compromise Russia's financial autonomy.
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, which facilitated cross-border transactions after Russia's access to the Swift interbank messaging system was severed due to its invasion of Ukraine. Following the sanctions, the platform reemerged as Grinex. The suspension of trading activities has left users unable to access their funds while the company conducts an investigation, and access to its Moscow office has been restricted. Grinex has released a list of 54 affected wallet addresses and the corresponding amounts, with most of the drained funds being in the form of USDT on the TRON blockchain.