A major 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 exchange, which has been a popular platform for Russian users seeking to circumvent sanctions, announced the breach on its official Telegram channel and website. According to Grinex, the nature and scale of the attack suggest the involvement of state-sponsored actors from hostile nations.
In a statement, the exchange noted that the 'digital footprint and characteristics of the attack indicate an unprecedented level of resources and technological capabilities, typically available only to the structures of unfriendly states.' Preliminary findings suggest that the attack was orchestrated with the intention of directly undermining Russia's financial sovereignty. Grinex, originally known as Garantex, has been under sanctions imposed by the United States, the United Kingdom, and the European Union.
These sanctions were enacted due to the exchange's role in enabling users to bypass restrictions through a ruble-pegged stablecoin called A7A5. This token facilitated cross-border transactions at a time when Russia's access to the Swift interbank messaging system was suspended following its invasion of Ukraine. After being shut down, the platform re-emerged under the name Grinex. As a result of the suspension, users are currently unable to access their funds while the company conducts an investigation.
Additionally, access to the exchange's Moscow office has been restricted. Grinex has released a list of 54 affected wallet addresses, along with the corresponding amounts that were drained, with the majority being in the form of USDT on the TRON blockchain.