Crypto exchange Rain 'likely exploited' for $14.8 million: ZachXBT

Middle Eastern cryptocurrency exchange Rain was "likely exploited" for $14.8 million, according to well-known crypto internet sleuth ZachXBT, who posted the claim on their Telegram channel on Monday.

The exploit happened "on April 29, 2024, after [Rain's] BTC, ETH, SOL, and XRP wallets saw suspicious outflows," said ZachXBT. "Funds were quickly transferred to instant exchanges and swapped for BTC and ETH."

Hours after ZachXBT's post, Rain published a statement saying the issue had been resolved.

"We assure you that we have already taken all the necessary steps to address this matter to protect customer funds," the exchange said. "As soon as we became aware of the incident, we isolated the issue and put additional controls to strengthen our security."

Last year, the Bahrain-based exchange secured permission to operate as a virtual asset brokerage and custody service provider by Abu Dhabi’s financial regulator.

In other recent posts, ZachXBT has said both North Korea's Lazarus Group laundered $200 million worth of crypto into fiat currency over a four-year period and that a holder of Bored Ape Yacht Club tokens lost three of the rare NFTs to a phishing attack.

This story was updated at 4 p.m. ET to include a statement from Rain.