A prominent cryptocurrency exchange, Grinex, has halted 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 has been a popular platform for Russian users seeking to circumvent sanctions, disclosed the breach via its Telegram channel and official website.
According to Grinex, the attack's level of coordination and technical expertise suggests the involvement of state-sponsored actors from 'unfriendly' nations. The exchange stated, 'The digital trail and nature of the attack indicate an unprecedented level of resources and technology, typically available only to the structures of unfriendly states.' It further noted that preliminary data suggests the attack was orchestrated to directly undermine Russia's financial sovereignty. Grinex, which was previously known as Garantex, has been under sanctions imposed by the US, UK, and EU due to its alleged role in helping users bypass restrictions through a ruble-backed stablecoin called 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 as Grinex. The temporary suspension of trading activities has left users unable to access their funds, pending an investigation. Additionally, access to the company's Moscow office has been restricted.
Grinex has released a list of 54 affected wallet addresses, along with the corresponding amounts that were drained, with the majority being in the form of USDT on the TRON blockchain.