A prominent cryptocurrency exchange, Grinex, has temporarily ceased operations after falling victim to a massive cyber attack, resulting in the theft of approximately 1 billion rubles, equivalent to $13 million. The exchange, which was formerly known as Garantex and has been accused of helping 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 that the digital evidence and nature of the attack imply an unprecedented level of resources and technological capabilities, typically reserved for state-backed entities. Grinex, which has been sanctioned by the US, UK, and EU, allegedly enabled users to bypass restrictions by utilizing a ruble-backed stablecoin called A7A5. This token facilitated 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 rebranded as Grinex. The suspension of trading activities 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, along with the corresponding amounts that were drained, with most of the stolen funds being in the form of USDT on the TRON blockchain.