Blockchain Analyst ZachXBT Suspects $15 Million Hack on Rain Crypto Exchange

Blockchain Analyst ZachXBT Suspects $15 Million Hack on Rain Crypto Exchange

Blockchain analyst ZachXBT has raised suspicions of a hack on the Rain cryptocurrency exchange, potentially amounting to $14.8 million.

According to a recent blog post by ZachXBT, there are indications pointing towards a significant security breach at Rain, a cryptocurrency exchange and custodian catering to the Middle East, Turkey, and Pakistan.

ZachXBT outlined that suspicious outflows were detected from Rain’s Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Ripple (XRP) wallets. The analyst shared two addresses believed to hold the stolen funds as evidence of the alleged hack.

Despite these concerning developments, Rain has yet to issue an official statement regarding the incident, as noted by ZachXBT.

This potential hack comes on the heels of a recent exploit targeting decentralized cryptocurrency exchange FixedFloat, resulting in approximately $2.8 million being withdrawn from its hot wallet.

The suspicious account involved in the exploit also received additional funds in various cryptocurrencies like ETH, USDT, WET, DAI, and USDC. To circumvent issuer asset freezes, stablecoins USDT and USDC were swiftly converted into ETH through multiple decentralized exchanges.

While security breaches continue to pose threats to the cryptocurrency space, April’s cybercrime damage was the lowest recorded since 2021, according to CertiK. Last month saw cryptocurrency projects lose a total of $25.7 million to hacking incidents, marking a 141% decrease compared to March. Compromised private keys were cited as one of the primary causes of these security breaches.

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