Crypto Exchange Rain Hit by $14.8M Exploit: ZachXBT
Summary
Bahrain-based cryptocurrency exchange Rain suffered a $14.8 million exploit on April 29, 2024. The stolen funds, divided into wallets containing 137.9 BTC and 1,881 ETH, have remained inactive since the exploit. The funds were quickly transferred to instant exchanges and swapped for BTC and ETH. The exchange's advanced trading platform, the "pro" version, has been intermittently down since May 5. Rain received a license to operate a virtual asset brokerage and custody service in the United Arab Emirates in 2023. Last year, crypto investors lost $2 billion to hacks and exploits across the industry, with an additional $333 million stolen in the first quarter of this year. Rain has not yet responded to requests for comment.
