ZachXBT reported a suspicious transfer of $14.1M worth of Bitcoin, Ether, Solana to a new wallet likely exploiting the Rain exchange.
An on-chain detective named ZachXBT published a report on May 13 stating that a transfer of $14.1 million worth of Bitcoin (BTC), Ether (ETH), Solana (SOL), and XRP to a new wallet under unusual circumstances “likely exploited” the Rain cryptocurrency exchange on April 29.
Rain Exchange Suffers
They released the report two weeks after the allegedly suspicious transactions occurred. Rain exchange is a centralized cryptocurrency exchange that has its headquarters in Bahrain.
One of its primary areas of expertise is catering to customers from Southwest Asia and the Middle East. Rain exchange has recorded trading volume exceeding one billion dollars since its launch, according to the regional news website The National.
According to ZachXBT’s official Telegram channel, “we quickly transferred the monies to instant exchanges and swapped them for BTC and ETH.” Two destination addresses on the Bitcoin and Ethereum networks received the funds after that.
At the moment, the Ethereum address ending in 6c28 holds about 1,881 ETH, which is equivalent to $5.5 million at the current price. There are currently 137.9 bitcoins held in the Bitcoin address that ends with prp2, which is equivalent to $8.6 million at the current price.
Arkham Intelligence’s information indicates that the Ethereum destination address acquired its assets from an address ending in d609. However, a number of other Bitgo multisignature wallets transferred the cash to the d609 address.
Although these wallets are believed to belong to Rain exchange, Arkham has not made this claim directly. These Bitgo wallets posted a total of 26 unique transactions on April 29.
These transactions included the transfer of ETH and a variety of coins to an address that ended in d609. Along with the more than 590 ETH, they also sent a total of about 20 billion Shiba Inu (worth 481,000 dollars), 12,500 Chainlink (worth 169,000 dollars), $240,000 Tether, and $500,000 USD Coin.
At the current price, ETH is worth $1.7 million. They promptly exchanged these tokens for Ethereum on the Uniswap platform. The account continued to receive additional tokens from the Bitgo wallets during the execution of these swaps.
These tokens included Aave (AAVE), Yearn Finance (YFI), MakerDAO (MKR), and other tokens.Additionally, a Binance hot wallet sent cash to the account.
Cryptocurrency users are still vulnerable to hacks and attacks. Around May 6, Gnus.AI suffered a loss of more than $1.27 million as a result of the compromise of their Discord server and the disclosure of a private key.
On May 13, Kaspersky, a cybersecurity company announced that Kimsuky, a North Korean hacker outfit, had released a new malware known as “Durian” with the specific aim of targeting cryptocurrency companies.