T rading operations at Grinex Exchange are suspended after hackers stole more than 1 billion Russian rubles, or approximately $13.7 million, from 54 wallet addresses. The exchange, registered in Kyrgyzstan but closely associated with Russia's digital asset ecosystem, described the breach as highly sophisticated and attributed the methods to resources typically associated with hostile state intelligence agencies.
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cybersecurity Kraken Refuses Ransom After Insider Breach Exposes 2,000 Accounts
Two thousand Kraken clients face the risk of their private data being leaked on social media. The exposure occurred after two support employees were recruited by a cybercrime group to gain improper access to internal systems. These employees recorded videos of internal systems containing client support data for 2,000 accounts, or 0.02% of the user base. Kraken revoked employee access and strengthened controls following a tip in February 2025. A criminal group subsequently threatened to release the videos to media outlets and social media unless payment was made. Kraken refused to pay or negotiate with the ransom demands. A criminal investigation is underway to identify and arrest the responsible individuals. 2,000 clients face the risk of their private data being leaked on social media.
Blockchain intelligence firms TRM Labs and Elliptic traced the stolen funds as they moved through multiple addresses and were converted into assets like TRX and Ether. Elliptic reported that approximately $15 million in Tether (USDT) left Grinex-controlled accounts and was quickly converted to reduce the likelihood of Tether freezing the funds.
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defi regulation Non-custodial DeFi interfaces avoid broker-dealer registration costs
Users face fewer regulatory barriers to accessing decentralized trading services. This shift follows a staff statement from the SEC Division of Trading and Markets establishing an exemption for 'Covered User Interfaces.' These are software tools, including wallet apps and browser extensions, that convert user inputs into executable code for self-custodial wallets. To qualify, these interfaces must not hold user funds, control transactions, or route orders. Providers cannot receive transaction-based compensation, offer investment advice, or solicit specific trades using endorsements such as 'best price.' They must charge fixed neutral fees agnostic to products or venues. Required compliance includes providing disclosures of conflicts and cybersecurity measures and objectively vetting connected trading systems for liquidity and security. Developers of non-custodial, permissionless interfaces can now operate without the cost and complexity of broker-dealer registration. This non-binding interim measure is effective for five years unless withdrawn.
TRM Labs identified 16 more addresses linked to the incident beyond those publicly disclosed by Grinex. The main receiving wallet currently holds 45.9 million TRON tokens, valued at close to $15 million.
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cryptocurrency Morgan Stanley’s Bitcoin ETF Outpaces WisdomTree in Six Days
WisdomTree's lifetime total net inflows of $86 million have been surpassed in six trading sessions by the Morgan Stanley Bitcoin Trust (MSBT). The fund accumulated $103 million in net inflows following its April 8 launch. This growth was driven by a market-low expense ratio of 0.14%, which undercuts the Grayscale Bitcoin Mini Trust by a single basis point. The fund tracks the the CoinDesk Bitcoin Benchmark and is the first spot Bitcoin ETF issued directly by a traditional Wall Street banking institution. MSBT remains smaller than the Franklin Bitcoin ETF ($375 million), the Valkyrie Bitcoin ETF ($326 million), and The Invesco Galaxy Bitcoin ETF ($245 million). It remains significantly smaller than the market leaders, BlackRock's iShares Bitcoin Trust (IBIT) at $64.3 billion in cumulative inflows and the Fidelity Wise Origin Bitcoin Fund at $10.9 billion.
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