Rain crypto exchange became the latest victim of crypto hacking incidents.
Rain is a centralised cryptocurrency exchange based in the Middle East, specifically Bahrain. It’s known for its user-friendly interface and compliance with Islamic finance principles. Rain offers trading pairs for various cryptocurrencies, including Bitcoin, Ethereum, and others, catering to the growing interest in digital assets in the region.
On 13 May 2024, Popular Crypto Detective ZachXBT reported that a hacker drained nearly $14.1 million worth of crypto assets, including Bitcoin, Ethereum, Solana, XRP, etc from the Rain crypto exchange.
According to ZachXBT, Rain, one of the largest crypto exchanges in the Middle East, was suspected of being hacked on April 29, 2024. Suspicious fund outflows occurred in its BTC, ETH, SOL and XRP wallets, resulting in a loss of US$14.8 million. https://t.co/mGeQHfcC9R
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This incident took place on 29 April but came to the public domain last day, following a report by ZachXBT.
Investigations showed that hackers swapped the stolen Ethereum (ETH) coin via UniSwap crypto exchange, just after the hack attack. The whole incident was undisclosed because Rain crypto exchange failed to talk about the matter officially.
On 14 May 2024, Rain crypto exchange talked about this hacking incident officially and admitted that the hacking incident was faced by the exchange but the exchange confirmed that the situation had been resolved.
Exchange stated Rain Group has covered any potential losses resulting from this incident, so no customer will face any loss because of this incident.
It is worth it to note that so far no report about the hacking incident didn’t come into the public domain, to explain how the hackers succeeded in exploiting the Rain exchange’s crypto wallets.
Recently Cybersecurity firm Kaspersky reported that North Korea state-backed hacking groups are now using a new malware called Durian to target Crypto exchanges.
Read also: Japanese public firm Metaplanet now holds 117 Bitcoins
Rain crypto exchange lost $14.1 million in a hacking incident
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