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<p>The post <a href="https://coinpedia.org/news/crypto-exchange-rain-suffers-14-8-million-loss-a-real-sophisticated-hack-indeed/" rel="noopener noreferrer nofollow">Crypto Exchange Rain Suffers $14.8 Million Loss; A Real Sophisticated Hack Indeed</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>The exchange “Rain” which is a prominent cryptocurrency exchange based in Bahrain, was the victim of a devastating hack on April 29, 2024, and lost $14.8 million dollars of BTC, ETH, SOL and XRP worth of crypto.&nbsp;</p>
<p>The breach was first <a href="https://t.me/investigations/122" rel="noopener noreferrer nofollow">reported</a> by the blockchain expert ZachXBT, who said that Rain’s wallets that contained BTC, ETH, SOL and XRP were going through suspicious outflows, thus a huge chance of exploitation of the exchange was possible.&nbsp;</p>
<p>The hacker groups quickly transferred the stolen money to the exchanges which allowed them to convert them to BTC or ETH to confuse their trail.&nbsp;</p>
<h2 class="wp-block-heading" id="h-tracking-the-stolen-funds"><strong>Tracking the stolen funds</strong></h2>
<p>The investigation of the sources of the money trail revealed that the Ethereum among the stolen funds was sent to a wallet with the address suffix “d609”. This wallet received many transactions from Bitgo multi-signature wallets associated with Rain.&nbsp;</p>
<p>On the day of the breach the wallets executed 26 transactions and therefore, they transferred <a href="https://markets.coinpedia.org/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a> and various tokens totalling over 590 ETH, 20 billion Shiba Inu, 12,500 Chainlink, $240,000 in Tether and $500,000 in USD Coin. Unarguably, all these assets were quickly exchanged for ETH on the decentralized exchange platform Uniswap.&nbsp;</p>
<h2 class="wp-block-heading" id="h-the-complexity-of-the-hack"><strong>The complexity of the hack</strong></h2>
<p>Arkham Intelligence, a blockchain analytics firm, noticed that the “d609” wallet kept on receiving and saving different tokens such as Aave, Yearn Finance, and MakerDAO, which were soon converted to ETH.&nbsp;</p>
<p>This complex system of transactions shows the aura of sophistication that these hackers use to hide their activities and to prevent others from knowing what they are up to.&nbsp;</p>
<h2 class="wp-block-heading" id="h-response-by-the-team"><strong>Response by the team</strong></h2>
<p>The Rain administration immediately reacted to the breach by saying that what needed to be done to protect the customer’s money had been fixed. The<a href="https://www.rain.com/en-ae/learn/rain-update-may2024" target="_blank" rel="noopener noreferrer nofollow"> tweet</a> which they released after <a href="https://coinpedia.org/news/zachxbts-intervention-halts-a-6-figure-scam-amidst-the-rise-of-crypto-phishing-attacks/" target="_blank" rel="noopener noreferrer nofollow">ZachXBT’s</a> revelation stressed that the incident was detected and the necessary actions were taken immediately to isolate and resolve the security breach, including the introduction of better security controls.&nbsp;</p>
<p>Also Check Out: <a href="https://coinpedia.org/news/crypto-hack-weekly-report-unpacking-the-major-breaches-of-the-week/" rel="noopener noreferrer nofollow">Crypto Hack Weekly Report: Are Your Investments Safe?</a></p>

Crypto Exchange Rain Suffers $14.8 Million Loss; A Real Sophisticated Hack Indeed

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