2024-05-14
Bahrain's cryptocurrency exchange, Rain, recently experienced a significant security breach, resulting in a loss of $14.8 million.
According to blockchain investigator ZachXBT, the incident occurred on April 29, 2024, when suspicious outflows were detected from Rain's BTC, ETH, SOL, and XRP wallets.
These funds were swiftly transferred to instant exchanges and exchanged for BTC and ETH.
Following ZachXBT's disclosure, Rain promptly released a statement confirming that they had resolved the issue.
The exchange reassured its customers that all necessary measures had been taken to safeguard their funds.
As soon as they became aware of the incident, Rain isolated the problem and implemented additional security controls to reinforce their systems.
Rain, which obtained authorization from Abu Dhabi's financial regulator to operate as a virtual asset brokerage and custody service provider last year, is based in Bahrain.
In unrelated news, ZachXBT also reported that North Korea's Lazarus Group had laundered $200 million worth of cryptocurrency into fiat currency over a four-year period.
