UAE and Bahrain-regulated crypto exchange RAIN has openly acknowledged a recent security breach, assuring users that all customer funds remain secure. Despite losing $14.8 million on April 29, 2024, RAIN has taken swift action to cover potential losses and strengthen security measures.

Blockchain expert ZachXBT initially reported the breach, tracing the stolen funds to wallets containing 137.9 BTC and 1,881 ETH. RAIN promptly addressed the incident in a blog post, reassuring customers that necessary steps have been taken to protect their funds. The exchange emphasized that customer assets are held to the highest security and regulatory standards, with additional controls now in place to prevent future breaches.

RAIN Group has covered any potential losses, ensuring customer interests remain protected. The exchange continues to operate normally, with crypto and fiat transactions unaffected. RAIN is cooperating fully with legal and regulatory authorities to resolve the issue.

This incident highlights the broader issue of securing funds on centralized crypto exchanges. In the past year, investors have lost a staggering $2 billion to similar hacks and exploits, with an additional $333 million stolen in Q1 2024. As a regulated exchange, RAIN is committed to upholding the highest security standards, and this incident serves as a reminder of the importance of vigilance in the crypto industry.