A major cryptocurrency exchange, Grinex, which catered to Russian users seeking to circumvent sanctions, has halted all operations following a significant cyber attack that resulted in the theft of approximately $13 million. The exchange, which operates from Kyrgyzstan, announced the breach via its Telegram channel and website, attributing the sophisticated attack to state-sponsored actors from hostile nations. According to Grinex, the attack's complexity and coordination suggest the involvement of 'unfriendly states' with substantial resources and technological capabilities, aiming to undermine Russia's financial autonomy.
Having been sanctioned by the US, UK, and EU for its role in helping users bypass restrictions through a ruble-backed stablecoin called A7A5, Grinex had resurfaced after initially being shut down as Garantex. The stablecoin enabled cross-border transactions when Russia faced restrictions on the Swift banking system due to its invasion of Ukraine.
The temporary suspension of trading activities has left users without access to their funds as the company conducts an investigation. Furthermore, access to Grinex's Moscow office has been restricted.
A list of 54 affected wallet addresses, primarily containing USDT on the TRON blockchain, has been released by the exchange, detailing the amounts stolen from each.