A prominent cryptocurrency exchange, Grinex, which was popular among Russian users seeking to circumvent sanctions, has temporarily ceased operations after a significant cyber attack resulted in the theft of approximately 1 billion rubles, equivalent to $13 million. The exchange announced the breach via its Telegram channel and website, attributing the sophisticated attack to state-sponsored entities from 'hostile nations'. According to Grinex, the attack's complexity and coordination suggest the involvement of state-backed actors, with the primary goal of undermining Russia's financial autonomy. The exchange had previously been sanctioned by the US, UK, and EU for its role in helping users bypass restrictions through a ruble-pegged stablecoin called A7A5.
This stablecoin enabled cross-border transactions after Russia's access to the Swift interbank messaging system was suspended due to its invasion of Ukraine. Following the sanctions, the platform reemerged as Grinex. The current trading pause 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.