ZachXBT: Rain crypto exchange reportedly hacked for $15m

As a seasoned crypto investor who has closely followed the industry’s developments, I find ZachXBT’s latest findings on the Rain cryptocurrency exchange concerning. The potential $14.8 million hack reportedly occurred on April 29, and the researcher’s analysis of suspicious outflows from their Bitcoin, Ethereum, Solana, and Ripple wallets is a cause for alarm.

Blockchain sleuth ZachXBT suspects a hack on the Rain cryptocurrency exchange.

In a recent blog entry, the researcher expressed his hypotheses, indicating that Rain, a digital currency trading platform and depository catering to the Middle East, Turkey, and Pakistan, may have been victim to a hacking incident resulting in a loss of approximately $14.8 million on April 29.

As a researcher, I’ve come across claims made by ZachXBT regarding suspicious outflows from their Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Ripple (XRP) wallets. To support these allegations, they have provided two addresses where the possibly stolen funds may be located.

ZachXBT pointed out that Rain has been silent about the recent incident as of now.

“As of now Rain has yet to make any statement about the incident.”

ZachXBT, blockchain sleuth

As a researcher studying the world of cryptocurrencies, I recently came across an unfortunate incident involving FixedFloat, a decentralized exchange platform. Last month, this exchange fell prey to a crafty exploit that successfully drained around $2.8 million from its hot wallet.

As a researcher investigating the questionable account, I discovered that it had received further deposits in the form of Ethereum (ETH), Tether (USDT), MakerDAO’s Dai (DAI), USD Coin (USDC), and Wrapped Ethereum (WET). To prevent potential freezes from the stablecoin issuers, I swiftly exchanged USDT and USDC into ETH using multiple decentralized exchange platforms.

In contrast to the latest data breach incident, April saw the minimalcybercrime-related losses for cryptocurrency projects amounting to $25.7 million, as reported by CertiK – a record low since 2021.

I analyzed the data and found that there was a significant decrease of 141% in comparison to March’s figures. This decline was due in part to eleven instances of breached private keys. These keys are often targeted by hackers looking to infiltrate projects.

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2024-05-13 18:22