RAIN

DESCRIPTION OF EVENTS

"Rain is a centralized cryptocurrency exchange (CEX) that is headquartered in Bahrain. It also operates in several Middle Eastern and Southwest Asian countries."

"The simplest way to trade crypto in the UAE. Rain is here to guide you on your journey to buy and sell Bitcoin and other cryptocurrencies online. With you, every step of the way."

"Rain is licensed by Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA). We are subject to rigorous cyber-security and banking standards." "We manage your digital assets using Rain’s proprietary offline Cold Storage system, meaning your funds are protected." "We provide trilingual support around the clock and guarantee you will always talk to a human, whether in live-chat or email."

"Crypto detective ZachXBT stated on his Telegram channel that the Middle Eastern cryptocurrency exchange Rain appears to have been hacked, resulting in a loss of $14.8 million USD. The breach occurred on April 29, 2024, when Rain's BTC, ETH, SOL, and XRP wallets experienced suspicious outflows of funds, which were quickly transferred to instant exchanges and converted into BTC and ETH."

"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. "It appears the crypto exchange Rain was likely exploited for $14.8M on April 29, 2024 after their BTC, ETH, SOL, and XRP wallets saw suspicious outflows. Funds were quickly transferred to instant exchanges and swapped for BTC and ETH," ZachXBT wrote on Telegram."

"We assure you that we have already taken all the necessary steps to address this matter to protect customer funds," the exchange said. "As soon as we became aware of the incident, we isolated the issue and put additional controls to strengthen our security."

"We would like to address news circulating about a security incident involving Rain, and let our customers know that the situation has been resolved. We assure you that we have already taken all the necessary steps to address this matter to protect customer funds. Customers' funds are under custody, fully accounted for, and held on a 1:1 basis. This means that all your fiat currency and crypto assets are held with the highest standards of security and regulatory compliance.

Rain Management W.L.L is licensed and regulated by the Central Bank of Bahrain and Rain Trading Limited is regulated by the ADGM Financial Services Regulatory Authority, which means we maintain a 1:1 asset-to-funds ratio in line with regulatory requirements.

As soon as we became aware of the incident, we isolated the issue and put additional controls to strengthen our security. Rain Group has covered any potential losses resulting from this incident, ensuring that our customers' interests remain protected. All customer and operational activity including crypto buy, sell, send, receive, along with fiat deposit, and withdrawals, remain operational and uninterrupted across all our platforms.

We are committed to upholding the highest standards of security and regulatory compliance. In response to the incident, we have taken immediate steps to further strengthen the security of our platform. We are also fully cooperating with the relevant legal and regulatory authorities and specialist advisors to ensure that this issue is handled appropriately."

Rain is a centralized cryptocurrency exchange based in Bahrain, operating in the Middle East and Southwest Asia. Licensed by Abu Dhabi Global Market’s Financial Services Regulatory Authority (FSRA), Rain adheres to rigorous cybersecurity and banking standards. Despite all that, the exchange recently experienced a hack resulting in a $14.8 million loss of funds, detected on April 29, 2024. The stolen funds, consisting of BTC and ETH, were swiftly moved to instant exchanges and converted. Rain promptly isolated the issue, strengthened security controls, and covered potential losses. After an exposure by XachXBT, they assure customers that all assets are held securely and regulatory compliance is maintained. Operations remain uninterrupted, and Rain is cooperating with authorities to address the incident and enhance platform security.

SlowMist Hacked - SlowMist Zone (May 23)
ZachXBT：加密交易所Rain疑似在攻击事件中损失1480万美元 - PANews (May 23)
https://www.theblock.co/post/294036/crypto-exchange-rain-likely-exploited-for-14-8-million-zachxbt (May 23)
https://www.theblock.co/post/241120/abu-dhabi-grants-virtual-asset-brokerage-approval-to-rain (May 23)
Rain Update (May 23)
Crypto Exchange Rain Hit by $14.8M Exploit: ZachXBT (May 23)
mempool - Bitcoin Explorer (May 23)
mempool - Bitcoin Explorer (May 23)
Transaction: d3ebd3d32a89f6990c79424be694ae4847f43644867530cca3115cbb8e2d9017 | Blockchain.com (May 23)
Explained: The Rain Exchange Hack (May 2024) (May 23)
Address 0x197bc094f990261fd6841342901c451858756c28 | Etherscan  (May 23)
Ethereum Transaction Hash (Txhash) Details | Etherscan  (May 23)
Buy & Sell Bitcoin, Ethereum & more in UAE (May 23)
@ajnelsonx Twitter (May 23)
@rain Twitter (May 23)
ZachXBT Reports Likely $14.8M Exploit of Rain Exchange (May 23)

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