A prominent cryptocurrency exchange, Grinex, has temporarily ceased 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, formerly known as Garantex and based in Kyrgyzstan, made the announcement via its Telegram channel and official website, attributing the attack to state-backed entities from 'hostile nations.' According to Grinex, the nature and scope of the attack suggest an 'unprecedented level of resources and technology' typically reserved for 'structures of unfriendly states,' with the primary objective being to compromise Russia's financial autonomy.
Having been sanctioned by the US, UK, and EU for allegedly aiding users in circumventing restrictions through a ruble-backed stablecoin called A7A5, Grinex had been facilitating cross-border transactions when Russia's access to the Swift inter-bank messaging system was severed due to its invasion of Ukraine. Following the sanctions, the platform re-emerged as Grinex.
The trading halt has left users unable to access their funds while the company conducts an investigation, with its Moscow office also facing restricted access. A list of 54 affected wallet addresses and the corresponding amounts has been published by Grinex, with the majority of the stolen funds being in the form of USDT on the TRON blockchain.