A prominent cryptocurrency exchange, Grinex, has halted all 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 accused of helping Russian users evade sanctions, announced the breach on its official Telegram channel and website, suggesting that the attack was likely state-sponsored due to its complexity and coordination. According to Grinex, the digital evidence and nature of the attack imply a high level of technological expertise, typically reserved for state-backed entities from 'hostile states.' The statement from Grinex notes, 'The digital footprint and the character of the attack indicate an unprecedented level of resources and technology, available only to the structures of unfriendly states.' Furthermore, preliminary data suggests that the attack was orchestrated to directly compromise Russia's financial independence. Grinex, originally known as Garantex, was sanctioned by the US, UK, and EU last year for allegedly aiding users in circumventing 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 severed following its invasion of Ukraine. After being taken down, the platform re-emerged as Grinex. The temporary suspension of trading activities 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 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.