Bahrain-based crypto exchange Rain is suspected to have fallen victim to a security breach on April 29th, according to blockchain investigator ZachXBT. The alleged attack resulted in the transfer of nearly $14.8 million worth of various cryptocurrencies.

On-chain data suggests that the stolen funds were then moved to other exchanges, converted into Bitcoin and Ethereum, and deposited into separate addresses on both networks. These addresses currently hold millions in crypto assets, with the Ethereum address holding around $1.88 million in ETH and the Bitcoin address holding approximately 137.9 BTC.

While the origin of the transferred funds remains unclear, data from Arkham Intelligence indicates that they originated from Bitgo multisignature wallets, which were likely linked to Rain. These wallets were involved in the circulation of various cryptocurrencies valued at millions before being converted to ETH.

The incident raises concerns about Rain's security protocols. Despite the exchange's silence on the matter, further investigation is ongoing to determine the cause of these suspicious transactions.

The suspected hack highlights the importance of robust security measures in the crypto exchange industry. As the sector continues to evolve, exchanges must prioritize the protection of user funds and maintain transparency in the face of such incidents. The crypto community awaits updates from Rain and the ongoing investigation to shed light on the details of this alleged exploit.