A prominent cryptocurrency exchange, Grinex, which was popular among Russian users seeking to avoid sanctions, has halted its 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 announced the breach via its Telegram channel and website, attributing the attack to state-sponsored actors from 'hostile nations' due to its complexity and coordination. According to Grinex, preliminary data suggests the attack aimed to directly undermine Russia's financial autonomy. The exchange, originally named Garantex, was sanctioned by the US, UK, and EU last year for allegedly helping users bypass restrictions through a ruble-backed stablecoin called A7A5.
This token enabled cross-border transactions after Russia's access to the Swift inter-bank messaging system was severed following its invasion of Ukraine. After being shut down, the platform re-emerged as Grinex.
The temporary suspension of trading activities has left users unable to access their funds, pending an investigation. Moreover, access to the company's Moscow office has been restricted. Grinex has released a list of 54 affected wallet addresses along with the amounts stolen, with most of the drained funds being in the form of USDT on the TRON blockchain.