Several wallets reportedly belonging to Rain sent suspicious token transfers to a new address.
The Rain cryptocurrency exchange was “likely exploited” on April 29 when $14.1 million worth of Bitcoin (BTC), Ether (ETH), Solana (SOL), and XRP was transferred to a new wallet under suspicious circumstances, according to a May 13 report from on-chain sleuth ZachXBT. The report comes two weeks after the reportedly suspicious transactions took place.
Rain is a centralized crypto exchange headquartered in Bahrain. It specializes in serving customers from Southwest Asia and the Middle East. According to regional news site The National, Rain has recorded over $1 billion in trading volume since its inception.
ZachXBT’s official Telegram channel reported that the transferred funds “were quickly transferred to instant exchanges and swapped for BTC and ETH” before being deposited to two destination addresses on the Bitcoin and Ethereum networks. The Ethereum address, which ends in 6c28, is currently holding approximately 1,881 ETH, worth $5.5 million at the current price. The Bitcoin address, which ends in prp2, is holding 137.9 BTC, worth $8.6 million at the current price.
