A prominent cryptocurrency exchange, Grinex, has temporarily ceased operations due to a significant cyber attack that resulted in the theft of approximately 1 billion rubles, equivalent to $13 million. The exchange, which has been linked to Russia and was previously known as Garantex, announced the breach on its official Telegram channel and website. According to Grinex, the nature and sophistication of the attack suggest the involvement of state-sponsored actors from hostile nations. In a statement, Grinex noted that the digital evidence and characteristics of the attack imply an unprecedented level of technological expertise and resources, typically available only to state-backed entities.
The exchange believes the attack was deliberately orchestrated to undermine Russia's financial independence. Grinex has faced sanctions from the US, UK, and EU due to allegations that it enabled users to circumvent restrictions through a ruble-backed stablecoin called A7A5.
This token facilitated cross-border transactions when Russia's access to the Swift interbank messaging system was suspended following its invasion of Ukraine. After being shut down, the platform re-emerged under the name Grinex. As a result of the suspension, users are currently unable to access 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 wallet addresses, with most of the stolen funds being in the form of USDT on the TRON blockchain.