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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)
  • 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.
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    • 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.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    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