Rain Exchange Likely Exploited of $14.1 Million in Crypto 2 weeks ago: ZachXBT
Rain cryptocurrency exchange experienced a potential exploit on April 29, which transferred approximately $14.1 million worth of various cryptocurrencies to a new wallet under suspicious circumstances, according to a May 13 report from on-chain analyst ZachXBT.
ZachXBT shared the information via their Telegram channel, noting that the exploit occurred on April 29. It entailed suspicious outflows from Rain’s Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP wallets. Funds from these wallets were swiftly transferred to instant exchanges, exchanged for Bitcoin and Ethereum, and then transferred to two addresses on the Bitcoin and Ethereum networks.
The Ethereum address, with the ending suffix “6c28,” currently holds approximately 1,881 ETH, valued at $5.5 million. Meanwhile, the Bitcoin address ending in “prp2” holds 137.9 BTC, valued at $8.6 million.
Arkham Intelligence data reveals that the Ethereum destination address received its funds from an address ending in “d609,” which, in turn, received the funds from various Bitgo multi-signature wallets. Arkham has not explicitly attributed these wallets to Rain, however.
Although these wallets have not been explicitly identified as belonging to Rain, they were involved in sending over 590 ETH ($1.7 million), approximately 20 billion Shiba Inu ($481,000), 12,500 Chainlink ($169,000), $240,000 Tether (USDT), and $500,000 USD Coin (USDC). These tokens were promptly swapped for ETH on Uniswap. Additionally, the Uniswap account received funds from a Binance hot wallet.
Rain, a centralized crypto exchange based in Bahrain, primarily serves customers in Southwest Asia and the Middle East. Since its establishment, Rain has facilitated trading volumes exceeding $1 billion, according to
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