What to know:
- Grinex suspends business activities due to a hack of nearly $13.10 million, with 1 billion roubles stolen from 54 addresses.
- Hackers proved a very high degree of professionalism by consolidating all stolen funds into one digital wallet, which has more than $15 million worth of crypto.
- Sanctioned exchange associated with stablecoin A7A5 is reportedly involved in Russia-related sanctions evasion transactions.
Sanctioned crypto exchange Grinex has suspended operations following a cyberattack that resulted in the theft of approximately 1 billion roubles, equivalent to $13.10 million. The platform, registered in Kyrgyzstan but linked to Russia, confirmed the breach and reported that stolen funds were extracted from multiple wallets during the coordinated incident.
Grinex stated that the attack targeted 54 addresses and displayed a high level of technical sophistication. The exchange claimed that digital traces of hackers’ work led to foreign intelligence agencies involvement. The notification about the hack was sent to relevant bodies, and criminal proceedings have been started.
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Grinex Stablecoin A7A5 Raises Compliance Concerns
The exchange has previously faced sanctions from the United States, United Kingdom, and European Union over allegations of enabling sanctions evasion. According to the United States government, Grinex provides financial services and enables transfers through the rouble-backed stablecoin A7A5.
The company has been linked to the crypto infrastructure that Russia set up following the severing of its connections with the SWIFT banking system. Grinex has become a substitute for the sanctioned crypto platform called Garantex, which has been shut down.
Blockchain Data Reveals Broader Attack Scope
Blockchain analytics firms identified additional activity linked to the incident, suggesting the breach may extend beyond initial disclosures. TRM Labs reported that multiple wallets connected to another Kyrgyzstan-based exchange, TokenSpot, interacted with addresses associated with the attacker, indicating potential overlap in the exploit.
Further analysis revealed that stolen assets had been consolidated into one digital wallet containing nearly $15 million in value. It is believed that hackers transferred funds from the Tron and Ethereum networks to avoid freezing of digital assets. The strategy has been utilized before in the attacks on other sanctioned exchanges.
Also Read | US Treasury Sanctions Garantex and Grinex Over $100M in Illicit Crypto Transactions
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