ZachXBT: $14.8 Million Crypto Asset Theft Allegedly Occurred on Exchange Rain

Bittime - An exchange platform called Rain, which focuses on the Middle East region, was allegedly hacked and lost $14.8 million. This was revealed by ZachXBT, a well-known crypto world investigator, via his Telegram channel last Monday.

What is Rain Exchange?

Rain, founded in 2017, is a leading cryptocurrency exchange serving users in the Middle East. Rain allows traders to buy, sell, and exchange more than 70 different types of crypto assets. 

Check Today's Crypto Market:

Crypto Theft in Rain Allegedly Occurred in April

According to ZachXBT's statement, the hack is thought to have occurred on April 29, 2024, after Rain's Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Ripple (XRP) wallets showed suspicious activity. 

Also read: What is a Centralized Exchange (CEX)?

"The money is then quickly moved to another exchange that offers instant transactions and converted back into Bitcoin and Ethereum."

Several hours after ZachXBT's post, Rain released a statement stating that the issue had been resolved.

Also Read How To Buy Crypto:

"We want to ensure that we have taken the necessary steps to address this issue to protect customer funds," Rain said. 

Also read: What is a Decentralized Exchange (DEX)?

"Once we became aware of the incident, we immediately isolated the problem and implemented additional controls to strengthen our security."

For information, Rain, which is based in Bahrain, in 2023 received permission to operate as a virtual asset brokerage and storage company from the Abu Dhabi financial regulator.

In another recent post, ZachXBT also reported that Lazarus Group from North Korea is suspected of laundering $200 million worth of cryptocurrency into fiat currency over four years. 

Check Crypto Prices Today:

Additionally, an owner of a rare Bored Ape Yacht Club token reportedly lost three of his NFTs to a phishing attack.

Dear Beli Crypto from Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn Complete Guide How to Buy Crypto on Bittime. 

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

Munchables Threatened by Potential Developer Fraud: One Person with Many Identities

Alert! DeFi Protocol Becomes Nest of Million Dollar Fraudsters

Solana Soars: Breaks $150, Heads to $200 in Late April

MailerLite Hacked, CoinTelegraph, WalletConnect and Other Web3 Eties Become Phishing Targets

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.