Cryptocurrency exchange Rain ‘potential for abuse’ for $14.8 million: ZachXBT
Middle Eastern cryptocurrency exchange Rain was “likely exploited” for $14.8 million, according to ZachXBT, a well-known cryptocurrency internet sleuth who posted the claim on his Telegram channel on Monday.
ZachXBT said the attack occurred “after a suspicious exfiltration was discovered in (Rain’s) BTC, ETH, SOL, and XRP wallets on April 29, 2024.” “Funds were immediately quickly transferred to the exchange and exchanged for BTC and ETH.”
Rain did not immediately respond to The Rock’s request for comment.
The Bahrain-based exchange secured permission from the Abu Dhabi Financial Services Authority last year to operate as a virtual asset brokerage and custody service provider.
In other recent posts, ZachXBT revealed that North Korea’s Lazarus Group laundered $200 million worth of cryptocurrency into fiat over four years, and that a Bored Ape Yacht Club token holder lost three rare NFTs to a phishing attack.
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About the author
RT Watson is a senior reporter at The Block, covering a variety of topics including US-based companies, blockchain games, NFTs, and more. He previously covered entertainment for The Wall Street Journal and has covered companies including Disney, Netflix, and Warner Bros. and the creator economy, with a primary focus on technological innovation across media. Previously, she covered corporate, economic and political news in Brazil at Bloomberg. She interviewed a wide range of figures for RT, including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers, and convicted criminals. She holds a Master’s degree in Digital Sociology.
