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 breach was disclosed by the exchange via its Telegram channel and an official statement on its website, suggesting that the attack was likely orchestrated by state-sponsored actors from hostile nations.
According to Grinex, the nature and scope of the attack indicate an unprecedented level of technological expertise and resources, typically associated with state-affiliated entities. The exchange, which was previously sanctioned by the U.S., U.K., and EU for allegedly aiding users in circumventing restrictions, had been allowing users to bypass sanctions through a ruble-backed stablecoin called A7A5. The stablecoin enabled cross-border transactions after Russia's access to the Swift messaging system was severed following its invasion of Ukraine. Following the sanctions, the platform re-emerged under the name Grinex.
The temporary suspension of trading activities has left users without access to their funds, while the company conducts an investigation. Moreover, 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.