Russia-linked Grinex exchange halts operations after $13 million ‘state-backed’ hack

What Happened

Grinex, a Kyrgyzstan-based cryptocurrency exchange popular with Russians avoiding sanctions, suspended operations after a cyber attack drained approximately 1 billion rubles ($13 million). The platform claimed state-backed actors from unfriendly nations conducted the coordinated attack. Grinex itself faced U.S., UK, and EU sanctions for facilitating Russia's financial transactions during Ukraine invasion.

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