Grinex Crypto Exchange Hacked, Loses $13 Million

Grinex, a Kyrgyzstan-based cryptocurrency exchange with strong ties to Russia, suspended all operations on Thursday following a major cyberattack that resulted in the theft of more than 1 billion rubles, equivalent to approximately 13 million U.S. dollars, from user accounts.

The exchange announced the breach via its Telegram channel, stating that hackers accessed multiple accounts and executed outgoing transactions totaling around 15 million in the USDT stablecoin on April 15. Blockchain analytics firms tracked the stolen funds as they were rapidly transferred across the TRON and Ethereum networks, where they were converted into TRX and ETH tokens to obscure their trail and reduce the risk of freezing by issuers like Tether. Grinex described the attack as highly coordinated, involving advanced tools and resources indicative of state-backed actors from "unfriendly states." The company attributed the incident to an effort to undermine Russia's financial sovereignty but provided no independent verification of foreign intelligence involvement.

In response, Grinex immediately halted deposits, withdrawals, and trading to prevent further losses, leaving users unable to access their...