Business · Ars Technica
US-sanctioned currency exchange confirms $15M heist done by "unfriendly states"
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Grinex, a US-sanctioned cryptocurrency exchange registered in Kyrgyzstan, said it’s halting operations after experiencing a $13 million heist carried out by “western special services” hackers.
Key facts
- Researchers from TRM, which has confirmed the theft, put the value of stolen assets at $15 million after discovering roughly 70 drained addresses, about 16 more than Grinex reported
- Grinex, a US-sanctioned cryptocurrency exchange registered in Kyrgyzstan, said it’s halting operations after experiencing a $13 million heist carried out by “western special services” hackers
- Following the shutdown of Garantex, much of its liquidity and clients migrated to Grinex
- The department’s Office of Foreign Assets Control said that Grinex, in turn, was a rebrand of Garantex, an exchange it had sanctioned in 2022
Summary
Researchers from TRM, which has confirmed the theft, put the value of stolen assets at $15 million after discovering roughly 70 drained addresses, about 16 more than Grinex reported. Grinex said it has been under almost constant attack attempts since incorporating 16 months ago. TRM said TokenSpot was a front for Grinex, which the US Treasury Department sanctioned last year.