A prominent cryptocurrency exchange, Grinex, which is popular among Russian users seeking to circumvent sanctions, has temporarily ceased operations after a sophisticated cyber attack resulted in the theft of approximately 1 billion rubles, equivalent to $13 million. The exchange, which is based in Kyrgyzstan, announced the breach via its Telegram channel and an official statement on its website, suggesting that the attack was likely perpetrated by state-sponsored actors from hostile nations. According to Grinex, the nature and coordination of the attack imply an unprecedented level of technological expertise and resources, typically reserved for state-backed entities. The exchange stated, 'The digital footprints and the character of the attack indicate an unprecedented level of resources and technology available exclusively to the structures of unfriendly states.' Preliminary data suggests that the attack aimed to directly compromise Russia's financial sovereignty.
Grinex, originally known as Garantex, was sanctioned by the US, UK, and EU last year for allegedly facilitating the circumvention of restrictions through a ruble-backed stablecoin called A7A5. This token enabled cross-border transactions after Russia's access to the Swift inter-bank messaging system was severed due to its invasion of Ukraine. Following the sanctions, the platform re-emerged as Grinex.
The current pause in trading has left users unable to access their funds while the company conducts an investigation. Additionally, access to Grinex's Moscow office has been restricted. The exchange has published a list of 54 affected wallet addresses, along with the corresponding drained amounts, with the majority being in the form of USDT on the TRON blockchain.