Summary Points
- Hackers drained over 1 billion rubles from Grinex, a sanctioned Russian crypto exchange, by transferring funds through SunSwap into TRX and consolidating into a single TRON address.
- The attack is suspected to involve state-backed actors, with Grinex claiming it was a targeted operation with foreign intelligence agency involvement.
- All stolen assets, linked to around 70 addresses, were swapped into TRX and pooled, with similar activity detected on Garantex-associated wallets; both platforms went offline shortly after.
- The incident highlights ongoing illicit crypto flows related to Russia, with $158 billion in suspicious activity in 2025, mainly tied to Garantex, Grinex, and stablecoins like A7A5.
Garantex Successor Grinex Collapses Days After Wallet Exploit
Just days after facing a major security breach, the crypto platform Grinex has shut down. This incident happened shortly after hackers exploited the platform’s wallets. They drained over 1 billion rubles from users’ accounts, according to officials.
The attack was targeted. Authorities believe foreign intelligence agencies may have been involved. The hackers moved stolen funds through SunSwap into TRX and then into a single TRON wallet. This laundering route was quickly exposed through blockchain analysis.
Following the breach, Grinex suspended all operations and handed over information to law enforcement. The company said the damage was around 13.74 million USDT. Meanwhile, the attack also impacted other platforms, like TokenSpot, which was linked to Garantex. Both exchanges went offline shortly after the hack.
Grinex was set up in Kyrgyzstan just last year. It appeared as a replacement for Garantex, which was shut down in a law enforcement raid. The company promoted itself as a way for users to access frozen funds. However, the new platform quickly faced trouble amidst growing scrutiny.
This incident highlights ongoing challenges in crypto security. Despite advances, hackers continue to exploit vulnerabilities, often targeting platforms with ties to political and illicit activity. As a result, the development of safer, more transparent technologies remains a priority.
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