ZachXBT: Rain crypto exchange reportedly hacked for $15m

Blockchain
sleuth
ZachXBT
suspects
a
hack
on
the
Rain
cryptocurrency
exchange.

In
a

blog
post,
the
researcher
shared
his
speculations,
suggesting
that
Rain
was
likely
hacked
for
$14.8
million
on
April
29.
Rain
is
a
cryptocurrency
exchange
and
custodian
that
serves
the
Middle
East,
Turkey,
and
Pakistan.

ZachXBT
claims
that
suspicious
outflows
were
detected
from
their
Bitcoin
(BTC),
Ethereum
(ETH),
Solana
(SOL)
and
Ripple
(XRP)
wallets.
ZachXBT
shared
two
addresses
where
the
stolen
funds
are
likely
located
to
prove
the
assumptions.

However,
ZachXBT
stressed
that,
at
the
moment, Rain
has
not
yet
made
any
statements
regarding
the
incident.

“As
of
now
Rain
has
yet
to
make
any
statement
about
the
incident.”

ZachXBT,
blockchain
sleuth

Last
month,
decentralized
cryptocurrency
exchange
FixedFloat

became
the
victim
of
an
exploit
that
resulted
in
the
withdrawal
of
approximately
$2.8
million
from
its
hot
wallet.

The
suspicious
account
also
received
additional
funds
via
ETH,
USDT,
WET,
DAI,
and
USDC.
To
avoid
issuer
asset
freezes,

stablecoins

USDT
and

USDC
were
quickly
converted
into
ETH
through
several
decentralized
exchanges.

Despite
the
recent
security
exploit,
April’s
damage
from
cybercrime
was
the

lowest
on
record
since
2021.
According
to
CertiK,
cryptocurrency
projects
lost
a
total
of
$25.7
million
last
month.

The
figure
decreased
by
141%
compared
to
March,
with
11
cases
of
compromised
private
keys,
one
of
the
main
reasons
for
hacking
projects.