{"id":13471,"date":"2024-05-14T09:59:14","date_gmt":"2024-05-14T06:59:14","guid":{"rendered":"https:\/\/forklog.com\/en\/zachxbt-suggests-14-8-million-hack-of-bitcoin-exchange-rain\/"},"modified":"2024-05-14T09:59:14","modified_gmt":"2024-05-14T06:59:14","slug":"zachxbt-suggests-14-8-million-hack-of-bitcoin-exchange-rain","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/zachxbt-suggests-14-8-million-hack-of-bitcoin-exchange-rain\/","title":{"rendered":"ZachXBT Suggests $14.8 Million Hack of Bitcoin Exchange Rain"},"content":{"rendered":"<p>On-chain researcher ZachXBT reported a potential hack of the Bahrain-based cryptocurrency exchange Rain, amounting to $14.8 million.<\/p>\n<p><script async src=\"https:\/\/telegram.org\/js\/telegram-widget.js?22\" data-telegram-post=\"investigations\/122\" data-width=\"100%\"><\/script><\/p>\n<p>According to him, on April 29, suspicious withdrawals of BTC, ETH, SOL, and XRP occurred from the exchange&#8217;s wallets.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The funds were quickly transferred to third-party exchanges and instantly exchanged for BTC and ETH,&#8221; reported ZachXBT.<\/p>\n<\/blockquote>\n<p>A few hours after ZachXBT&#8217;s publication, Rain representatives <a href=\"https:\/\/www.rain.com\/en-ae\/learn\/rain-update-may2024\">stated<\/a> that the issue had been resolved and clients&#8217; funds were &#8220;fully accounted for and held at a 1:1 ratio.&#8221;<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;As soon as we became aware of the incident, we isolated the issue and implemented additional controls to strengthen our security. Rain Group covered any potential losses resulting from this incident,&#8221; the exchange added.<\/p>\n<\/blockquote>\n<p>According to the statement, the platform continued its operations in full.<\/p>\n<p>Rain holds a license from the Central Bank of Bahrain and last year received approval from Abu Dhabi&#8217;s financial regulator to operate as a provider of brokerage and custody services for virtual assets.<\/p>\n<p>Back in January 2021, the exchange closed a Series B funding round of $110 million, led by Paradigm and Kleiner Perkins.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On-chain researcher ZachXBT reported a potential hack of the Bahrain-based cryptocurrency exchange Rain, amounting to $14.8 million. According to him, on April 29, suspicious withdrawals of BTC, ETH, SOL, and XRP occurred from the exchange&#8217;s wallets. &#8220;The funds were quickly transferred to third-party exchanges and instantly exchanged for BTC and ETH,&#8221; reported ZachXBT. A few [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13470,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1552,44],"class_list":["post-13471","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bahrain","tag-cybercrime"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13471","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=13471"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13471\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/13470"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=13471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=13471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=13471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}