Crypto exchange Rain 'likely exploited' for $14.8 million: ZachXBT

Middle Eastern cryptocurrency exchange Rain was "likely exploited" for $14.8 million, according to well-known crypto internet sleuth ZachXBT, who posted the claim on their Telegram channel on Monday.

The exploit happened "on April 29, 2024, after [Rain's] BTC, ETH, SOL, and XRP wallets saw suspicious outflows," said ZachXBT. "Funds were quickly transferred to instant exchanges and swapped for BTC and ETH."

Rain did not immediately respond to a request for comment from The Block.

Last year, the Bahrain-based exchange secured permission to operate as a virtual asset brokerage and custody service provider by Abu Dhabi’s financial regulator.

In other recent posts, ZachXBT has said both North Korea's Lazarus Group laundered $200 million worth of crypto into fiat currency over a four-year period and that a holder of Bored Ape Yacht Club tokens lost three of the rare NFTs to a phishing attack.