A prominent cryptocurrency exchange, Grinex, which was popular among Russian users seeking to circumvent sanctions, has temporarily 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, which has been sanctioned by the US, UK, and EU, disclosed the breach via its Telegram channel and an official statement on its website, attributing the attack to state-backed entities from 'hostile nations.' According to Grinex, the nature and scale of the attack suggest the involvement of state-sponsored actors, with 'digital footprints' indicating an unprecedented level of technological capabilities and resources. The exchange stated that the attack appeared to be coordinated to directly undermine Russia's financial autonomy.
Grinex, originally known as Garantex, was sanctioned last year for allegedly aiding users in evading restrictions through a ruble-backed stablecoin called A7A5, which enabled cross-border transactions after Russia's access to the Swift inter-bank messaging system was severed due to its invasion of Ukraine. Following the sanctions, the platform reemerged as Grinex. The temporary suspension of trading activities has left users without access to their funds, pending an investigation.
Additionally, access to the company's Moscow office has been restricted. Grinex 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.