Rain Exchange Suffers $14.8M Crypto Loss in Exploit, ZachXBT Reveals
Bahrain-based crypto exchange Rain fell victim to a $14.8 million exploit, according to blockchain detective firm ZachXBT.
The stolen funds are divided into wallets containing 137.9 BTC and 1,881 ETH, both of which were inactive on April 29 of the exploit.
“It appears that the crypto exchange Ren was used for possibly $14.8M on April 29, 2024, when suspicious outflows were detected in BTC, ETH, SOL, and XRP wallets. The funds were promptly transferred to exchanges, and exchanged.” BTC and ETH,” it said ZachXBT wrote in the telegram.
The “pro” version of the exchange, an advanced trading platform, has reduced disruption since May 5, according to Wren’s website.
Wren was licensed in 2023 to operate virtual assets brokerage and custody services in the United Arab Emirates.
Crypto investors lost $2 billion to hacks and exploits across the crypto industry last year. Another $333 million was stolen in the first half of this year. Rain did not immediately respond to CoinDesk’s request for comment.
- At the end of April, Rain was hit with $14.8 million.
- Since May 5th, the Pro version of the exchange has been discounted from time to time.
Recognized for its user-friendliness and support for a wide range of cryptocurrencies, Rain Exchange now faces the daunting task of restoring trust and confidence among its users. This article is a stark reminder den of the risks associated with decentralized digital currencies.
Conclusion: As scrutiny continues and stakeholders demand accountability, the crypto community remains extremely vigilant, emphasizing the importance of transparency, accountability, and proactive safeguards to protect against future profits.
