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Bahrain-based cryptocurrency exchange Rain suffered a $14.8 million attack, according to information from blockchain detective known as ZachXBT. He posted the statement on his Telegram channel this Monday (13).

The fraud allegedly occurred on April 29th and resulted in the theft of 137.9 BTC and 1,881 ETH. The hacker later sent the cryptocurrencies to a new wallet.

As ZachXBT detailed, the attacker quickly moved the stolen funds to other exchanges and then exchanged them for BTC and ETH.

“It appears that cryptocurrency exchange Rain was likely exploited for $14.8 million on April 29, 2024, after its BTC, ETH, SOL, and XRP wallets recorded suspicious outflows. Funds were quickly transferred to exchanges and exchanged for BTC and ETH,” ZachXBT posted.

Attack on cryptocurrency exchange

Therefore, the “pro” version of the Rain platform, an advanced trading platform, has been experiencing intermittent problems since May 5th, as indicated on the Rain website.

Rain has won a license to operate virtual asset brokerage and custody services in the UAE in 2023, as it seeks to expand its presence and offer services in a growing market. The exchange serves the Middle East, Turkey and Pakistan.

According to regional news site The National, Rain has recorded more than $1 billion in trading volume since its inception.

Last year, hacks and exploits resulted in total losses of $2 billion for cryptocurrency investors across the industry. The worrying trend continued in the first quarter of this year, with another $333 million being stolen.

At the time of publishing this article, cryptocurrency exchange Rain has not officially or publicly confirmed the attack.

Last month, decentralized cryptocurrency exchange FixedFloat was also the victim of an attack. The breach resulted in the withdrawal of around $2.8 million from his online wallet.

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