A hack which was covered up and was kept away from public eyes has now come out in open light.
On April 29, the crypto exchange Rain was exploited for $14.8M. This was known to the crypto community when the popular blockchain sleuth
@zachxbt
has reported suspicious but significant outflows fr om their BTC, ETH, SOL and XRP wallets.
After reports emerged about the exploit, Rain has finally released a statement on their official website and stated that the said issue has been resolved by isolating the incident and strengthening the security measures to avoid further exploitation.
Rain has also assured that any losses incurred during the security incident would be taken care of by compensating the affected users.
The exact reason behind the hack hasn’t emerged but initial investigation shows that the exploit transactions originated from Bitgo multisignature wallets which have received large amounts from a Binance hot wallet.
The stolen funds have since then been transferred to instant exchanges and swapped for BTC and ETH.
The stolen funds have been divided up into wallets containing 137.9 BTC and 1,881 ETH
Stolen funds are currently parked at
bc1q53aawrkpt5lvk2e30z36unvmhqqdru7q4rprp2 (137.9 BTC) and 0x197bc094f990261fd6841342901c451858756c28 (1881 ETH)
Coincidentally, the exchange's advanced trading platform has been intermittently down since May 5.
Only last year, Rain obtained a license to operate a virtual asset brokerage and custody service in the United Arab Emirates