Crypto Exchange Rain Hack Leads To Nearly $15 Million In Losses

Key Points:

• Rain, a major Middle Eastern cryptocurrency exchange, faced a suspected hack on April 29, 2024, resulting in a loss of US$14.8 million from BTC, ETH, SOL, and XRP wallets.
• Despite the silence on the crypto exchange Rain hack, it follows a recent trend in crypto security breaches, including FixedFloat’s loss of $2.8 million last month.
• April saw a significant decrease in cybercrime damage since 2021, with $25.7 million lost in cryptocurrency projects.

On April 29, 2024, Rain, a major cryptocurrency exchange in the Middle East, faced suspicions of a hacking incident resulting in a loss of $14.8 million.

Crypto Exchange Rain Hack Occurs With $14.8 Million In Losses

ZachXBT reported suspicious outflows from Rain’s BTC, ETH, SOL, and XRP wallets, which were quickly converted into BTC and ETH through instant exchanges. Notably, the crypto exchange Rain hack currently does not have an official statement.

Rain, based in Bahrain, gained approval last year to operate as a virtual asset brokerage and custody service provider under Abu Dhabi’s financial regulator. However, the crypto exchange Rain hack adds to a string of security concerns in the cryptosphere. Last month, FixedFloat, a decentralized exchange, suffered a similar fate, with approximately $2.8 million withdrawn from its hot wallet.

April Sees Decrease In Crypto Cybercrime

Despite these incidents, April saw the lowest cybercrime damage since 2021. According to CertiK, cryptocurrency projects lost $25.7 million, primarily due to hacks, with defi attacks compromising $21 million. Notably, this marks a 141% decrease from March, with 11 instances of compromised private keys identified as a leading cause of hacking incidents in projects.

While the crypto exchange Rain hack underscores ongoing security challenges in the crypto market, regulators and exchanges continue to adapt measures to enhance user protection and mitigate risks associated with digital asset transactions.