A prominent cryptocurrency exchange, Grinex, which was popular among Russian users seeking to circumvent sanctions, 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, which was formerly known as Garantex and is based in Kyrgyzstan, announced the security breach on its official Telegram channel and website, attributing the attack to state-sponsored actors from hostile nations.
According to Grinex, the nature and scope of the attack suggest an unprecedented level of resources and technological expertise, typically reserved for state-backed entities. The exchange stated that preliminary data indicates the attack was deliberately orchestrated to undermine Russia's financial autonomy. Grinex had previously been sanctioned by the US, UK, and EU for allegedly enabling users to bypass restrictions through a ruble-backed stablecoin called A7A5.
This token facilitated cross-border transactions after Russia's access to the Swift inter-bank messaging system was severed following its invasion of Ukraine. Following the imposition of sanctions, the platform re-emerged under the name Grinex.
As a result of the current suspension, users are currently unable to access their funds while the company conducts an investigation. Moreover, access to Grinex's Moscow office has been restricted. The exchange has published a list of 54 affected wallet addresses, along with the corresponding amounts that were drained, with the majority of the stolen funds being in the form of USDT on the TRON blockchain.