Rain Exchange Exploited for $14.8 Million

Rachana Saha

Middle Eastern exchange Rain likely suffered a $14.8 million exploit, as per crypto investigator ZachXBT.

The breach occurred on April 29, 2024, with suspicious outflows from Rain's major wallets.

Funds were swiftly converted into BTC and ETH on instant exchanges.

Rain promptly addressed the issue, reassuring users and enhancing security measures.

Rain, licensed by Abu Dhabi’s financial regulator, had previously secured permission to operate as a virtual asset service provider.

Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.