As an experienced analyst in the cryptocurrency space, I find the recent report of the alleged exploit on the Rain crypto exchange deeply concerning. The transfer of over $14 million worth of Bitcoin, Ether, Solana, and XRP to a new wallet under suspicious circumstances is a clear red flag that warrants further investigation.
As an analyst, I’ve come across some intriguing findings in my investigation of cryptocurrency exchanges. Specifically, there have been reports suggesting that Rain Exchange may have been exploited on April 29. Approximately $14.1 million worth of Bitcoin (BTC), Ether (ETH), Solana (SOL), and XRP were transferred to a newly created wallet under dubious circumstances, according to the findings from on-chain analyst ZachXBT in his May 13 report. These transactions occurred around two weeks prior to the publication of this information.
Based in Bahrain, Rain functions as a leading crypto exchange. Its primary focus is catering to clients from Southwest Asia and the Middle East. As reported by regional news outlet The National, Rain has achieved more than one billion dollars in total trading volume since its launch.
ZachXBT’s Telegram channel announced that the received funds were swiftly converted into Bitcoin and Ethereum through instant exchanges, following which they were transferred to two distinct addresses on the Bitcoin and Ethereum networks. The Ethereum address, ending in 6c28, contains approximately 1,881 ETH, equating to a value of around $5.5 million at present prices. Similarly, the Bitcoin address, concluding with prp2, currently holds about 137.9 BTC, equivalent to roughly $8.6 million based on current values.
As a crypto investor, based on the information provided by Arkham Intelligence, I’ve come across an Ethereum destination address that received funds from an address ending with d609. Interestedly, the d609 address appears to have sourced its funds from several Bitgo multisignature wallets. However, it’s important to note that Arkham Intelligence has not definitively linked these wallets to Rain.
I analyzed the transactions made on April 29th from Bitgo wallets, and I came across one particular address ending in d609. In total, this address received over 590 ETH, equivalent to around $1.7 million at present values, as well as various other tokens. The following are the approximate quantities and corresponding values for these tokens:
Immediately upon being exchanged for ETH on Uniswap, these tokens were received in the account. Concurrently, additional tokens such as AAVE from Bitgo wallets, together with YFI, MKR, and others kept arriving.
The account also received funds from a Binance hot wallet.
CryptoMoon contacted Rain for comment but did not receive a response by the time of publication.
As a crypto investor, I’m constantly aware of the risks hacks and exploits pose to my investments. Just recently, on May 6th, I learned the hard way when Gnus.AI suffered a significant loss of over $1.27 million. Their Discord server was compromised, resulting in the leak of a private key. This unfortunate event underscores the importance of maintaining robust security measures to protect our digital assets.
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2024-05-13 20:00