Kyrgyzstan-based Grinex Exchange Halts Operations After $15 Million Cyberattack
Russia-friendly exchange says "western special service" behind $15 million cyberattack
Ars Technica
Image: Ars Technica
Grinex, a cryptocurrency exchange sanctioned by the U.S. and registered in Kyrgyzstan, has suspended operations following a cyberattack that resulted in the theft of approximately $15 million. The exchange claims that the attack was orchestrated by 'western special services' and targeted Russian users, aiming to undermine Russia's financial sovereignty.
- 01Grinex experienced a cyberattack resulting in a theft of approximately $15 million.
- 02The exchange claims the attack was conducted by 'western special services' targeting Russian users.
- 03Grinex has been under constant attack since its incorporation 16 months ago.
- 04The U.S. Treasury Department sanctioned Grinex last year, linking it to illicit activities.
- 05TokenSpot, another Kyrgyzstan-based exchange, was also reportedly breached in the same attack.
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Grinex, a cryptocurrency exchange based in Kyrgyzstan and under U.S. sanctions, announced the suspension of its operations following a significant cyberattack that led to the theft of around $15 million. The exchange claims that the attack was executed by 'western special services' with the intent to damage Russia's financial sovereignty. According to blockchain research firm TRM, the attack resulted in the draining of approximately 70 wallets, which is 16 more than Grinex initially reported. Grinex has faced ongoing cyber threats since its establishment 16 months ago, primarily targeting its Russian user base. The U.S. Treasury Department had previously sanctioned Grinex, identifying it as a rebranding of Garantex, another exchange linked to over $100 million in transactions associated with illicit activities since 2019. Following the attack, Grinex has reported the incident to law enforcement and is pursuing legal action.
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The cyberattack on Grinex could impact Russian users and the broader cryptocurrency market in Kyrgyzstan, raising concerns about security and trust in digital asset exchanges.
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