Grinex, a Kyrgyzstan-incorporated cryptocurrency exchange sanctioned by the U.K. and the U.S. last year, said it is suspending operations after it blamed Western intelligence agencies for a $13.74 million hack. The exchange said it fell victim to what it described as a large-scale cyber attack that bore hallmarks of foreign intelligence agency involvement. This attack led to the theft of over $13.74 million worth of cryptocurrency assets. The exchange claims the attack was state-sponsored, citing operational methods consistent with intelligence agency tactics. This represents a significant financial blow to an already sanctioned entity.
Analysis
State-sponsored attacks against sanctioned cryptocurrency exchanges demonstrate the ongoing cyber warfare targeting financial infrastructure. Organisations dealing with cryptocurrency should be aware that exchanges are high-value targets for nation-state actors, regardless of their sanctioned status.
Source: The Hacker News