A prominent cryptocurrency exchange, Grinex, which was popular among Russian users seeking to circumvent sanctions, has suspended its operations after falling victim to a sophisticated cyber attack that resulted in the theft of approximately 1 billion rubles, equivalent to $13 million. The exchange, which was previously known as Garantex, announced the breach on its official Telegram channel and website, attributing the attack to state-sponsored actors from 'hostile nations' due to the high level of coordination and technical expertise involved.
According to Grinex, the digital evidence and nature of the attack suggest that it was perpetrated by entities with access to resources and technology typically available only to 'unfriendly states,' with the primary goal of undermining Russia's financial independence. The exchange had been 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 inter-bank messaging system was severed following its invasion of Ukraine. After being shut down, the platform re-emerged under the name Grinex.
The temporary halt in trading has left users unable to access their funds while the company conducts an investigation, and access to its Moscow office has also been restricted. Grinex has released a list of 54 affected wallet addresses and the corresponding amounts that were drained, with most of the stolen funds being in the form of USDT on the TRON blockchain.