Rain was hacked: $14.8 million loss raises concerns.

Recently, Bahrain-based cryptocurrency exchange Rain, which sponsored Beşiktaş's jersey in our country, experienced a significant security hazard. According to the findings of Blockchain expert ZachXBT, the stock market lost $ 14.8 million on April 29, 2024. Since the attack, the criminals' wallets containing 1,881 ETH and 137.9 BTC remained unchanged.

According to ZachXBT, some strange withdrawals were noticed in cryptocurrency exchange Rain, Bitcoin, Ethereum, Solcoin and XRP wallets, and $14.8 million seems likely to have been defrauded. He stated that Bitcoin and Ethereum can be transferred to fast exchanges in a short time.

A wallet with the last part d609 received a series of transactions from Bitgo multi-signature wallets, and during the transactions the Ethereum cash ended up in this wallet, according to additional data. On the day of the breach, there were a total of 26 transactions from these wallets to the d609 wallet. These transactions included the transfer of other currencies besides ETH. #Uniswap customers quickly traded more than 590 ETH for more ETH, as well as receiving nearly 20 billion Shiba Inu, 12,500 Chainlink, $240,000 in Tether, and $250,000 in USD Coin.

As the situation developed, Arkham Intelligence realized that address d609 was trading #ETH for various tokens, including Aave, Yearn Finance, and MakerDAO. Considering the complex nature of this transaction network, it becomes clear the sophisticated methods hackers use to evade detection.

Rain incident raises concerns in the crypto industry

The Rain incident shows that there is a problem in the crypto industry. Similar attacks and exploits cost investors $2 billion last year and $333 million in the first quarter. Another trading protocol exploit cost $600,000, but a 10% bug bounty undone most of that.

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