Grinex Cryptocurrency Exchange Suspends Operations Following $13 Million Cyber Attack
Russia-linked Grinex exchange halts operations after $13 million ‘state-backed’ hack
Coindesk
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Grinex, a cryptocurrency exchange based in Kyrgyzstan, has halted its operations after a cyber attack attributed to state-backed actors drained approximately $13 million from its systems. Users are currently unable to access their funds while the investigation is underway.
- 01Grinex, formerly Garantex, is based in Kyrgyzstan and has been sanctioned by the U.S., U.K., and EU.
- 02The cyber attack resulted in the loss of about 1 billion rubles (approximately $13 million).
- 03The attack is believed to be coordinated by state-backed actors aiming to undermine Russia's financial sovereignty.
- 04Users are locked out of their accounts as the company investigates the breach.
- 05Grinex had previously facilitated transactions for users bypassing sanctions through a ruble-backed stablecoin.
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Grinex, a cryptocurrency exchange based in Kyrgyzstan and previously known as Garantex, has suspended operations following a significant cyber attack that drained approximately 1 billion rubles (around $13 million). The exchange attributed the attack to state-backed actors, indicating a high level of coordination and technical skill. Grinex has been under sanctions from the U.S., U.K., and EU for allegedly assisting users in bypassing financial restrictions. The platform's statement noted that the attack was aimed at inflicting damage on Russia's financial sovereignty. As a result of the breach, users are currently unable to access their funds, and the company is investigating the incident. Grinex has published a list of 54 affected wallet addresses, primarily containing USDT on the TRON blockchain, which were compromised during the attack. The exchange had previously allowed users to conduct transactions through a ruble-backed stablecoin, especially after Russia's access to the SWIFT inter-bank messaging system was restricted due to the ongoing conflict in Ukraine.
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The suspension of Grinex's operations affects users who are unable to access their funds, which may lead to financial losses for individuals relying on the exchange.
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