tl;dr
Bahrain-based crypto exchange Rain experienced a $14.8 million exploit, with stolen funds divided into inactive wallets containing 137.9 BTC and 1,881 ETH. The exchange's advanced trading platform has been intermittently down since May 5. Rain obtained a license to operate in the United Arab Emirate...
Bahrain-based crypto exchange Rain experienced a $14.8 million exploit, with stolen funds divided into inactive wallets containing 137.9 BTC and 1,881 ETH. The exchange's advanced trading platform has been intermittently down since May 5. Rain obtained a license to operate in the United Arab Emirates in 2023. The crypto industry lost $2 billion to hacks and exploits last year, with an additional $333 million stolen in the first quarter of this year. Rain did not respond to requests for comment.
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.
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