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Suspicious Outflows: Rain Exchange Loses $14.1M, reveals ZachXBT

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Suspicious Outflows: Rain Exchange Loses $14.1M, reveals ZachXBT

The Rain cryptocurrency exchange experienced a potential breach on April 29, resulting in the transfer of $14.1 million worth of various cryptocurrencies to a suspicious wallet, according to an investigation by ZachXBT. Rain is a centralized exchange based in Bahrain, catering to customers in Southwest Asia and the Middle East. Since its establishment, Rain has facilitated more than $1 billion in trading volume. After the suspicious transactions occurred, the transferred funds were swiftly exchanged for Bitcoin and Ethereum and deposited into two different destination addresses on their respective networks. The Ethereum address is currently holding approximately 1,881 ETH valued at $5.5 million, while the Bitcoin address has 137.9 BTC worth $8.6 million.

Based on data from Arkham Intelligence, the funds in the Ethereum address were initially received from another address, and these funds had previously been transferred from multiple Bitgo multisignature wallets. It is important to note that these wallets have not been explicitly associated with Rain. On April 29, these Bitgo wallets executed 26 transactions, sending ETH and various tokens to the address that eventually transferred the funds to the Ethereum address. The transactions included over 590 ETH ($1.7 million), around 20 billion Shiba Inu ($481,000), 12,500 Chainlink ($169,000), $240,000 Tether (USDT), and $500,000 USD Coin (USDC). The tokens were immediately exchanged for ETH on Uniswap. The account receiving the funds from the Bitgo wallets received other tokens such as Aave, Yearn Finance, MakerDAO, and funds from a Binance hot wallet.

reached out to Rain for comment but did not receive a response at the time of publication. This incident highlights the ongoing risks faced by cryptocurrency users in terms of potential hacks and exploitation. On May 6, Gnus.AI lost over $1.27 million when its Discord server was compromised and a private key was leaked. In another report on May 13, cybersecurity firm Kaspersky identified a new malware called “Durian” that targets crypto firms, which has been attributed to the North Korean hacker organization Kimsuky. It is essential for users to remain vigilant and take necessary precautions to protect their digital assets in the face of these threats.

19 thoughts on “Suspicious Outflows: Rain Exchange Loses $14.1M, reveals ZachXBT

  1. I’m glad the article mentioned other recent crypto hacks. It’s crucial to stay informed.

  2. I’m grateful for articles like this that raise awareness about the risks we face in the crypto space. 📰

  3. It’s alarming to think that hackers can exploit even the most secure platforms.

  4. Stay safe out there, everyone! Let’s protect our digital assets together.

  5. We must stay vigilant and educate ourselves about the potential risks in the crypto world. 🚨

  6. This incident serves as a reminder that we should always be cautious when it comes to cryptocurrency. 🔒

  7. It’s so disappointing to see cryptocurrency exchanges being so vulnerable to hacks.

  8. This article serves as a valuable lesson on the importance of securing our digital assets. Take precautions, everyone! 🔒💼

  9. When will these cryptocurrency exchanges learn from past mistakes? It’s getting ridiculous. 😠

  10. Let’s hope the authorities catch these criminals and recover the stolen funds!

  11. Rain should implement stricter KYC and anti-money laundering measures to prevent such incidents in the future. 🛡️

  12. Users need to be extra cautious and take necessary precautions to protect their investments.

  13. The fact that the funds were quickly exchanged for Bitcoin and Ethereum shows how organized these hackers are. 😱

  14. I thought Rain was a trusted exchange, but clearly, they failed to protect their customers’ assets.

  15. This incident reminds us that no platform is completely immune to hacking attempts. We must be cautious. ⚠️

  16. It’s unfortunate that Rain didn’t respond for comment. Transparency is vital in situations like these.

  17. Seriously, when will exchanges start prioritizing security over everything else? It’s unacceptable!

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