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 theft of approximately 1 billion rubles, equivalent to $13 million. The exchange announced the breach via its official Telegram channel and website, suggesting that the attack was likely orchestrated by state-sponsored entities from 'hostile nations' due to its sophisticated nature and level of coordination. According to a statement released by Grinex, 'the digital evidence and characteristics of the attack imply an extraordinary level of resources and technological capabilities, typically available only to state-backed structures.' The exchange believes the attack aimed to directly compromise Russia's financial autonomy. Grinex, originally known as Garantex, was subject to sanctions imposed by the US, UK, and EU last year for allegedly assisting users in evading restrictions through the use of a ruble-backed stablecoin named A7A5.
This token enabled cross-border transactions when Russia's access to the Swift inter-bank messaging system was suspended following its invasion of Ukraine. After being shut down, the platform re-emerged under the name Grinex. The suspension of trading activities has left users without access to their funds as the company conducts an investigation. Additionally, access to its Moscow office has been restricted.
Grinex has published a list detailing 54 affected wallet addresses and the corresponding amounts that were drained, with the majority being in the form of USDT on the TRON blockchain.