A recent investigation by crypto sleuth ZachXBT suggests that Middle Eastern crypto exchange Rain was likely exploited for a whopping $14.8 million. The suspected exploit occurred on April 29, 2024, when Rain's wallets for Bitcoin, Ethereum, Solana, and Ripple experienced unusual outflows. The funds were swiftly transferred to instant exchanges and swapped for Bitcoin and Ethereum.

ZachXBT shared the findings on their Telegram channel, prompting Rain to release a statement just hours later, assuring users that the issue had been resolved. The exchange claimed to have taken immediate action to protect customer funds, isolating the issue and implementing additional security measures.

Rain, based in Bahrain, had previously obtained permission from Abu Dhabi's financial regulator to operate as a virtual asset brokerage and custody service provider.

This incident raises concerns about the security of crypto exchanges, especially given ZachXBT's recent revelations about North Korea's Lazarus Group laundering $200 million in crypto and a Bored Ape Yacht Club token holder losing three rare NFTs to a phishing attack.