A prominent cryptocurrency exchange, Grinex, which has been a haven for Russian users seeking to circumvent sanctions, has temporarily ceased operations after falling victim to a sophisticated cyber attack. The attack, which is believed to have been orchestrated by state-sponsored actors from hostile nations, 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, stating that the nature of the attack suggests an unprecedented level of resources and technological expertise, typically reserved for state-backed entities. According to Grinex, preliminary data indicates that the attack was deliberately designed to undermine Russia's financial autonomy. The exchange had previously been sanctioned by the US, UK, and EU for facilitating the circumvention of sanctions through a ruble-backed stablecoin called A7A5. This token enabled cross-border transactions even after Russia's access to the Swift inter-bank messaging system was suspended following its invasion of Ukraine.
Following the sanctions, the platform reemerged under the name Grinex. As a result of the suspension, users are currently unable to access 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.