A prominent cryptocurrency exchange, Grinex, has halted all operations after falling victim to a substantial cyber attack, resulting in the theft of approximately 1 billion rubles, equivalent to $13 million. The exchange, which has been sanctioned by the US, UK, and EU for its role in helping users circumvent restrictions, announced the breach via its Telegram channel and website. According to Grinex, the sophisticated nature of the attack suggests the involvement of state-backed entities from 'unfriendly states.' The exchange's statement noted that 'the digital footprints and nature of the attack indicate an unprecedented level of resources and technology available exclusively to the structures of unfriendly states,' and that the attack was likely aimed at undermining Russia's financial sovereignty.
Grinex, originally known as Garantex, was sanctioned last year for its alleged role in enabling users to bypass restrictions through a ruble-backed stablecoin called A7A5. This token facilitated cross-border payments after Russia's access to the Swift inter-bank messaging system was severed following its invasion of Ukraine.
Following the sanctions, the platform re-emerged as Grinex. The temporary suspension of trading activities has left users without access to their funds, while the company conducts an investigation.
Furthermore, access to Grinex's Moscow office has been restricted. The exchange has released a list of 54 affected wallet addresses, with the majority of the stolen funds being in the form of USDT on the TRON blockchain.