A prominent cryptocurrency exchange, Grinex, which was popular among Russian users seeking to circumvent sanctions, has temporarily ceased operations after falling victim to a cyber attack that resulted in the theft of approximately $13 million. The exchange, which is based in Kyrgyzstan, announced the breach via its Telegram channel and website, attributing the attack to state-sponsored actors from 'hostile nations' due to the high level of sophistication and coordination involved. According to Grinex, preliminary evidence suggests that the attack was designed to directly undermine Russia's financial independence.
The exchange had previously been sanctioned by the US, UK, and EU for allegedly helping users bypass restrictions through a ruble-backed stablecoin called A7A5, which enabled cross-border transactions after Russia's access to the Swift messaging system was suspended following its invasion of Ukraine. Following the sanctions, the exchange rebranded as Grinex. The suspension of trading activities has left users without access to their funds while the incident is being investigated, with the company's Moscow office also facing restricted access.
Grinex has released a list of 54 affected wallets and the corresponding amounts, with the majority of the stolen funds being in the form of USDT on the TRON blockchain.