A prominent cryptocurrency exchange, Grinex, has halted all operations after falling victim to a sophisticated cyber attack that resulted in the theft of approximately 1 billion rubles, equivalent to $13 million. The platform, which was popular among Russian users seeking to circumvent sanctions, 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 scope of the attack suggest an 'unprecedented level of resources and technology' that are typically only available to 'structures of unfriendly states.' The exchange had previously been sanctioned by the US, UK, and EU for its alleged role in helping users evade restrictions 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 severed due to its invasion of Ukraine. Following the sanctions, the original platform, Garantex, rebranded as Grinex.
As a result of the current 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 most of the stolen funds being in the form of USDT on the TRON blockchain.