A prominent cryptocurrency exchange, Grinex, has halted its operations after reporting a significant cyber attack that resulted in the theft of approximately 1 billion rubles, equivalent to $13 million. The exchange revealed the breach via its Telegram channel and website, attributing the attack to state-sponsored actors from 'hostile nations' due to the high level of sophistication and coordination involved. According to Grinex, the attack's digital footprint suggests the use of advanced technology and resources typically available only to state-backed entities, with the primary goal of undermining Russia's financial autonomy.
The exchange, initially known as Garantex, was sanctioned by the US, UK, and EU last year for its alleged role in helping users circumvent restrictions through a ruble-pegged stablecoin called A7A5. This token enabled cross-border transactions after Russia's access to the Swift banking network was severed following its invasion of Ukraine. Following the sanctions, the platform reemerged as Grinex. The trading suspension has left users without access to 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 wallets, detailing the amounts stolen, with most of the losses occurring in USDT on the TRON blockchain.