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Crypto Exchange Rain Hit by $14.8M Exploit: ZachXBT

Bahrain-based crypto exchange Rain fell victim to a $14.8 million exploit, according to blockchain sleuth ZachXBT. The stolen funds have been divided up into wallets containing 137.9 BTC and 1,881 ETH, both of which have been inactive since the exploit occurred on April 29. The exchange's "pro" version, which is an advanced trading platform, has been intermittently down since May 5, according to Rain's website. Rain obtained a license to operate a virtual asset brokerage and custody service in the United Arab Emirates in 2023. Crypto investors lost $2 billion to hacks and exploits across the crypto industry last year. An additional $333 million was stolen in the first quarter of this year.

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