A prominent cryptocurrency exchange, Grinex, has temporarily ceased operations after falling victim to a sophisticated cyber attack that resulted in the theft of approximately $13 million. The exchange, which was previously known as Garantex, made the announcement on its Telegram channel and official website, attributing the attack to state-backed actors from 'unfriendly states'.
According to Grinex, the nature and scope of the attack suggest an unprecedented level of resources and technological expertise, typically reserved for state-sponsored entities. The exchange stated that preliminary data indicates the attack was coordinated to directly impact Russia's financial sovereignty. Grinex has been under sanctions imposed by the US, UK, and EU since last year, with officials accusing it of aiding users in circumventing 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 reemerged as Grinex. The suspension of trading activities has left users without access to their funds while the company conducts an investigation. Additionally, access to Grinex's Moscow office has been restricted.
A list of 54 affected wallet addresses and the corresponding drained amounts has been published by Grinex, with the majority of the stolen funds being in the form of USDT on the TRON blockchain.