Bitcoin

Crypto Exchange Rain Hit by $14.8M Exploit: ZachXBT

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8 months ago

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Bahrain-based cryptocurrency exchange Rain has fallen victim to a $14.8 million exploit, according to blockchain detective ZachXBT.

The stolen funds were divided into wallets containing 137.9 BTC and 1,881 ETH, both of which have been inactive since the exploit occurred on April 29.

“It appears that cryptocurrency exchange Rain was likely exploited for $14.8 million on April 29, 2024, after its BTC, ETH, SOL, and XRP wallets saw suspicious outflows. Funds were quickly transferred to instant exchanges and exchanged for BTC and ETH,” wrote ZachXBT on Telegram.

The “pro” version of the exchange, which is an advanced trading platform, has been offline intermittently since May 5, according to Rain website.

Rain obtained a license operate a virtual asset brokerage and custody service in the UAE in 2023.

Rain did not immediately respond to CoinDesk’s request for comment.

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