Russia-Linked Crypto Exchange Grinex Hit by Massive Cyberattack

Grinex, a cryptocurrency exchange with ties to Russia, has suspended operations after falling victim to a cyberattack. The attack resulted in the theft of over $13 million worth of assets, according to reports.

The company, which is based in Kyrgyzstan but linked to Russia, was sanctioned by the United States, the United Kingdom, and the European Union last year. In a statement posted on Telegram, Grinex claimed that 'foreign intelligence services' from unfriendly states may have been involved in the attack.

However, Reuters noted that this claim could not be independently verified. The exchange's website stated that it was hit by a 'targeted attack by Western intelligence services,' allegedly resulting in the theft of over 1 billion rubles from Russian users.

This incident is a significant blow to the crypto infrastructure Moscow has been building to circumvent sanctions. Russia has actively developed alternative digital financial mechanisms due to restrictions on traditional banking access.