Rain Crypto Exchange Suspected of $14.8 Million Exploit

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As a researcher with experience in cryptocurrency and blockchain investigations, I find the suspected security breach at Rain exchange quite concerning. The fact that over $14.8 million worth of various cryptocurrencies were allegedly transferred out and later converted to Bitcoin and Ethereum raises serious questions about Rain’s security protocols.

As a crypto market analyst, I’ve come across some concerning news regarding Rain Exchange, a Bahrain-based cryptocurrency trading platform. According to the findings of blockchain investigator ZachXBT, there are suspicions of a security breach that occurred on April 29th. Approximately $14.8 million worth of various digital currencies were reportedly transferred out from Rain Exchange’s system during this incident.

According to on-chain records, the funds initially transferred were subsequently moved to various exchanges and eventually changed into Bitcoin and Ethereum. These cryptocurrencies were then deposited into distinct addresses on both the Bitcoin and Ethereum networks.

Approximately $1.88 million is stored in the Ethereum address, and around 137.9 bitcoins are kept in the Bitcoin address, equating to approximately $6.5 million at current prices.

Based on information from Arkham Intelligence, it’s unclear where the funds originated, but they can be traced back to Bitgo multisignature wallets that may have connections to Rain. These wallets were previously used in the handling of numerous cryptocurrencies valued in the millions, which were later converted to Ethereum (ETH).

As a researcher investigating this case, I must raise concerns about Rain’s security measures in light of the recent suspicious transactions. The full details of the situation are not yet clear, and further exploration is necessary to determine the root cause.

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2024-05-14 05:28