Russia-linked Grinex crypto exchange suspends operations after cyber attack

Russia-linked sanctioned crypto exchange Grinex said on Thursday it had suspended operations after assets worth 1 billion roubles ($13.10 million) were stolen during a cyber attack.

Grinex, which is based in Kyrgyzstan ‌but ⁠linked to ⁠Russia, was sanctioned by the U.S., the UK and the European Union last year.

In a statement posted on its Telegram channel, the exchange accused "foreign intelligence services" of unfriendly states of being involved in the attack. ⁠Reuters was ‌not able to verify this claim.


"The ​digital footprints and nature of ⁠the attack indicate an unprecedented level of ​resources and technologies available exclusively to ​entities of unfriendly states," the exchange said.

"According to preliminary data, the attack was coordinated with the aim of causing direct harm to Russia's financial sovereignty," it ‌added.

The U.S. has stated that Grinex helped customers circumvent sanctions via a ​Russian ​rouble-backed stablecoin called ⁠A7A5.

Russia, which was disconnected from the international SWIFT banking system as part of Western sanctions following its military campaign in Ukraine, has developed a sophisticated crypto infrastructure to facilitate its foreign trade.

($1 = 76.3500 roubles)