Crypto Exchange Rain Reportedly Suffers $15 Million Security Breach

Cryptocurrency investigator ZachXBT has raised suspicions of a security breach at Rain, a digital currency trading platform.

An analysis was published by the investigator highlighting that Rain might have been compromised, with an estimated loss of $14.8 million on April 29. Rain operates as a crypto exchange and custodial service within regions including the Middle East, Turkey, and Pakistan.

ZachXBT observed unusual transactions emerging from Rain’s Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Ripple (XRP) wallets. To support his conjecture, ZachXBT listed two wallet addresses believed to hold the diverted assets.

Notwithstanding, ZachXBT emphasized that Rain has not officially confirmed the security event as of yet.

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

ZachXBT, cryptocurrency detective

In a separate incident the previous month, the decentralized trading platform FixedFloat suffered an attack which led to the unauthorized removal of around $2.8 million from its operational wallet.

The account in question also accumulated extra assets through ETH, USDT, WET, DAI, and USDC transactions. The perpetrators swiftly converted the stablecoins USDT and USDC to ETH on a variety of decentralized platforms to circumvent freezes on the assets by their issuers.

Despite the aforementioned security incident, the total financial damage from cyber offenses in April was at its minimal level since 2021, as reported by CertiK. The crypto community faced losses totaling $25.7 million during the last month.

There was a 141% decrease in comparison to March’s figures, including incidents such as 11 cases where private keys were compromised, which is a primary factor in the hacking of crypto entities.