Grinex Exchange Halts Operations After $13.74M Cyberattack
In April 2026, Grinex, a Kyrgyzstan-registered cryptocurrency exchange with strong ties to Russia, suspended operations following a cyberattack that resulted in the theft of over $13.74 million (approximately 1 billion rubles) from user funds. The exchange attributed the attack to foreign intelligence agencies, citing the sophisticated nature of the breach. The stolen funds were primarily in USDT, which were swiftly converted to TRX and ETH to evade potential asset freezing by Tether. This incident underscores the vulnerabilities of cryptocurrency exchanges operating in regulatory grey areas and highlights the ongoing geopolitical tensions affecting financial infrastructures. The attack on Grinex is part of a broader trend of state-sponsored cyber operations targeting financial entities, emphasizing the need for enhanced security measures and regulatory oversight in the cryptocurrency sector.
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