ZachXBT Suggests $14.8 Million Hack of Bitcoin Exchange Rain

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’s wallets.

“The funds were quickly transferred to third-party exchanges and instantly exchanged for BTC and ETH,” reported ZachXBT.

A few hours after ZachXBT’s publication, Rain representatives stated that the issue had been resolved and clients’ funds were “fully accounted for and held at a 1:1 ratio.”

“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,” the exchange added.

According to the statement, the platform continued its operations in full.

Rain holds a license from the Central Bank of Bahrain and last year received approval from Abu Dhabi’s financial regulator to operate as a provider of brokerage and custody services for virtual assets.

Back in January 2021, the exchange closed a Series B funding round of $110 million, led by Paradigm and Kleiner Perkins.