Grinex crypto exchange halts operations after $13.7 million hack

Kyrgyzstan-based cryptocurrency exchange Grinex has suspended its operations following a reported $13.7 million hack, which the exchange attributes to Western intelligence agencies. The stolen funds were primarily from Russian users, impacting the platform's role in facilitating crypto-ruble exchanges. Grinex is believed to be a successor to Garantex, a Russian exchange previously sanctioned by the U.S. Treasury for illicit activities, with further coverage provided by Bleeping Computer.

The hack occurred on Wednesday at 12:00 UTC, with stolen funds routed through TRON and Ethereum addresses before being converted to TRX and ETH via the SunSwap decentralized exchange. Blockchain analysis firms Elliptic and TRM Labs confirmed the theft, with TRM Labs also identifying a secondary hack at TokenSpot, another Kyrgyzstan-based exchange with ties to Grinex.

Grinex claims the attack's sophistication and digital footprint suggest a state-sponsored actor aiming to undermine Russia's financial sovereignty. However, no concrete evidence has been presented to support the attribution to Western intelligence agencies.

Source: Bleeping Computer