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Finance

Crypto Exchange Rain Hit by $14.8M Exploit: ZachXBT

The hack occurred on April 29, ZachXBT said.

By Oliver Knight
AccessTimeIconMay 13, 2024 at 2:53 p.m. UTC
Updated May 13, 2024 at 2:56 p.m. UTC
(Azamat E/Unsplash)
(Azamat E/Unsplash)
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  • Rain was hit by a $14.8 million hack at the end of April.
  • The exchange's pro version has been intermittently down since May 5.

Bahrain-based crypto exchange Rain fell victim to a $14.8 million exploit, according to blockchain sleuth ZachXBT.

The stolen funds have been divided up 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 the crypto exchange Rain was likely exploited for $14.8M on April 29, 2024 after their BTC, ETH, SOL, and XRP wallets saw suspicious outflows. Funds were quickly transferred to instant exchanges and swapped for BTC and ETH," ZachXBT wrote on Telegram.

The exchange's "pro" version, which is an advanced trading platform, has been intermittently down since May 5, according to Rain's website.

Rain obtained a license to operate a virtual asset brokerage and custody service in the United Arab Emirates in 2023.

Crypto investors lost $2 billion to hacks and exploits across the crypto industry last year. An additional $333 million was stolen in the first quarter of this year.

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

Edited by Sheldon Reback.

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Oliver Knight
Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Follow @OKnightCrypto on Twitter

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