Rain Hack

Reported loss $14.8M
Bitcoin Ethereum Solana Xrp
Unauthorized Wallet Outflows

What happened

Rain, a Bahrain-based cryptocurrency exchange, reported a security incident after suspicious wallet outflows on April 29, 2024. Investigator ZachXBT estimated $14.8 million affected across BTC, ETH, SOL and XRP wallets. Rain said it isolated the issue and added security controls.

Technical root cause

The reviewed incident reporting establishes unauthorized wallet outflows but does not disclose a verified initial access mechanism.

How it happened

  1. Suspicious transfers left exchange-controlled wallets on April 29.
  2. Funds moved through instant exchanges and were swapped into BTC and ETH, according to ZachXBT's tracing reported by The Block.
  3. Rain subsequently acknowledged the incident and said it had taken steps to protect customer funds.

Protocol details

Classification CeFi / Infrastructure
Protocol Type Prediction Market
Protocol links Website @rain

Security review history

Evidence

Same attack technique

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