Russian crypto exchange Grinex has suspended trading after reporting a cyberattack that resulted in losses exceeding $13 million, or more than 1 billion rubles.
The exchange alleged the attack was carried out by “foreign special services” in an effort to destabilise Russia’s financial system, though no independent verification has confirmed this claim.
“The leading cryptoruble exchange Grinex…was subjected to a large-scale cyberattack with signs of the involvement of foreign special services,”
The company said.
Grinex said all trading activity has been paused while it investigates the incident and works with law enforcement to pursue a criminal case.
Blockchain analysis from Elliptic suggests roughly $15 million in USDT was moved from the platform and converted into assets such as Ethereum and Tron, indicating a complex laundering process. Following the announcement the Grinex position was unchanged at $XX.
The exchange has been linked to Garantex, a platform previously seized by the US Secret Service over alleged ties to sanctioned Russian entities and illicit finance networks.
Grinex also plays a key role in facilitating transactions for the ruble-backed stablecoin A7A5, which has reportedly processed over $100 billion in transfers as part of what analysts describe as a sanctions evasion ecosystem.
At the time of reporting, Ethereum price was $2,343.96.