Rain crypto exchange loses $14.1 million in hack

Rain, a centralized cryptocurrency exchange in Bahrain, fell victim to a hacking incident.  

The exchange is basically a user-oriented link, adhering to Islamic finance-related fundamentals. Rain provides trading pairs for multiple cryptocurrencies, such as Bitcoin, Ethereum, and many more. It is addressing the pressing requirement of digital assets in the country. 

As per a statement released by ZachXBT, a sought-after crypto sleuth, on the 13th of May, a hacker siphoned off almost $14.1 million in crypto assets such as Bitcoin, Ethereum, Solana, and XRP, among others. The loser was the Rain crypto exchange. 

The actual occurrence happened on the 29th of April, but the matter was publicized the next day. 

According to the investigation’s findings, the hackers managed to swap the siphoned-off Ethereum (ETH) coin through the UniSwap crypto exchange immediately after the theft. Rain crypto exchange initially maintained its silence over the matter until it went public. 

The company disclosed the entire affair on May 14th. However, they stuck to their guns and said the matter was solved. They added that their clients remained in absolute safe hands. 

It remains a mystery what modus operandi the hackers used to achieve their goals. 

Of late, Kaspersky, a cybersecurity business house, stated that hackers in North Korea were responsible for the unfortunate incident and utilized malware known as Durian to make crypto exchanges for their victims.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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