A prominent cryptocurrency exchange, Grinex, has temporarily ceased operations after falling victim to a sophisticated cyber attack, resulting in the theft of approximately $13 million. The exchange, which operates from Kyrgyzstan, announced the breach on its official Telegram channel and website, attributing the attack to state-sponsored actors from 'hostile nations'. According to Grinex, the nature and scale of the attack suggest the involvement of advanced technology and resources typically available only to state-backed entities, with the primary objective of undermining Russia's financial autonomy.
The exchange had previously been sanctioned by the US, UK, and EU for allegedly enabling users to circumvent restrictions through the use of a ruble-backed stablecoin called A7A5. This token facilitated cross-border transactions after Russia's access to the Swift interbank messaging system was restricted following its invasion of Ukraine.
Following the sanctions, the platform re-emerged as Grinex. The suspension of trading activities has left users without access to 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 the majority of the stolen funds being in the form of USDT on the TRON blockchain.