Cryptocurrency exchange Rain was “exploited” on April 29 when its worth was transferred
Cryptocurrency exchange Rain was “exploited” on April 29 when $14.1 million worth of Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Ripple were transferred to a new wallet under suspicious circumstances, according to a report released on May 13. From the on-chain investigator ZachXBT. The report comes two weeks after the suspicious transactions occurred.
Rain is a centralized cryptocurrency exchange headquartered in Bahrain. It specializes in serving clients from Southwest Asia and the Middle East. According to regional news site The National, Rain has recorded a trading volume of over $1 billion since its inception.
ZachXBT’s official Telegram channel reported that the transferred funds were “quickly transferred to spot exchanges and exchanged for BTC and ETH” before being deposited to two destination addresses on the Bitcoin and Ethereum networks. The Ethereum address, ending in 6c28, currently holds approximately 1,881 ETH, worth $5.5 million at the current price. The Bitcoin address, ending in prp2, contains 137.9 BTC, worth $8.6 million at the current price.
According to Arkham Intelligence data, the Ethereum destination address received its funds from an address ending in d609. The d609 address in turn receives funds from multiple Bitgo multi-signature wallets. Arkham has not explicitly labeled these wallets as owned by Rain.
On April 29, these Bitgo wallets posted 26 separate transactions, sending ETH and a variety of tokens to the address ending in d609. More than 590 Ethereum ($1.7 million at current prices) were sent, as well as nearly 20 billion Shiba Inu ($481,000), 12,500 Chainlinks ($169,000), $240,000 Tether (USDT), and $500,000 USDC. .
These tokens were instantly exchanged for ETH on Uniswap. While executing these swaps, the account continued to receive more tokens from Bitgo wallets, including Aave (AAVE), Yearn Finance (YFI), MakerDAO (MKR), and other tokens.
The account also received funds from the Binance hot wallet.
Cointelegraph contacted Rain for comment but had not received a response by press time.
Hacks and exploits still pose a risk to cryptocurrency users. On May 6, Gnus.AI lost more than $1.27 million when its Discord server was hacked and a private key was leaked. On May 13, cybersecurity firm Kaspersky reported that North Korean hacking organization Kimsoki launched a new “Dorian” malware specifically targeting cryptocurrency companies.
Related: Kronos Research hacker transfers funds to Tornado Cash
