Rain, a cryptocurrency exchange focusing on the Middle East, may have fallen victim to an exploitation totaling $14.8 million on April 29, as indicated by crypto investigator Zachxbt. The investigator claims to have traced the stolen funds to a bitcoin address containing 137.9 bitcoins and an ethereum address holding 1,881 ether.

While Rain has not officially confirmed the attack, Zachxbt alleges suspicious outflows from the exchange's wallets for bitcoin (BTC), ethereum (ETH), solana (SOL), and XRP on the mentioned date. Following the exploit, the attackers reportedly converted the stolen assets to BTC and ETH through instant exchanges. In an update, Zachxbt shared on his Telegram channel, he detailed the tracing of funds to the mentioned bitcoin and ethereum addresses.

Despite the two weeks that have passed since the incident, Rain has not addressed it on its social media channels or website. Instead, the exchange shared unrelated content about its General Manager in Bahrain attending an Innovation and Entrepreneurship Forum on May 8.

Coincidentally, Zachxbt's report on Rain's exploit emerged shortly after blockchain security firm Cyver Alerts disclosed a significant address poisoning attack on May 3, involving a victim using the crypto exchange Cyptex who lost 1,155 WBTC, valued at about $70 million. Fortunately, the stolen funds were returned after the victim initiated contact with the hacker(s) by May 9, with assistance from cybersecurity firm Match Systems.

The incident underscores the ongoing challenges faced by cryptocurrency exchanges in terms of security and highlights the importance of proactive measures to safeguard usersRain, a cryptocurrency exchange focusing on the Middle East, may have fallen victim to an exploitation totaling $14.8 million on April 29, as indicated by crypto investigator Zachxbt. The investigator claims to have traced the stolen funds to a bitcoin address containing 137.9 bitcoins and an ethereum address holding 1,881 ether.

While Rain has not officially confirmed the attack, Zachxbt alleges suspicious outflows from the exchange's wallets for bitcoin (BTC), ethereum (ETH), solana (SOL), and XRP on the mentioned date. Following the exploit, the attackers reportedly converted the stolen assets to BTC and ETH through instant exchanges. In an update, Zachxbt shared on his Telegram channel, he detailed the tracing of funds to the mentioned bitcoin and ethereum addresses.

Despite the two weeks that have passed since the incident, Rain has not addressed it on its social media channels or website. Instead, the exchange shared unrelated content about its General Manager in Bahrain attending an Innovation and Entrepreneurship Forum on May 8.

Coincidentally, Zachxbt's report on Rain's exploit emerged shortly after blockchain security firm Cyver Alerts disclosed a significant address poisoning attack on May 3, involving a victim using the crypto exchange Cyptex who lost 1,155 WBTC, valued at about $70 million. Fortunately, the stolen funds were returned after the victim initiated contact with the hacker(s) by May 9, with assistance from cybersecurity firm Match Systems.

The incident underscores the ongoing challenges faced by cryptocurrency exchanges in terms of security and highlights the importance of proactive measures to safeguard users' funds.' funds.