Rain Exchange Exploited for $14.8 Million

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.

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