$13.74M Hack Shuts Down Sanctioned Grinex Exchange After Intelligence Claims

Grinex, a Kyrgyzstan-incorporated cryptocurrency exchange sanctioned by the U.K. and the U.S. last year, said it's 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 sophisticated attack that resulted in the loss of a significant portion of its assets. The company has not provided specific details about the nature of the hack or the identity of the alleged Western intelligence agencies involved. Grinex's decision to suspend operations comes amid increasing scrutiny of cryptocurrency exchanges and their vulnerability to cyberattacks. The exchange had been sanctioned by the U.K. and the U.S. for allegedly facilitating illicit financial activities.