Crypto Exchange Hacked: Three Altcoins including Coin Name (Symbol) Stolen!

• On-chain detective ZachXBT reports a potential cyber attack on Bahrain-based cryptocurrency exchange, Rain, possibly resulting in a loss of $14.8 million.
• ZachXBT alleges suspicious outflows from Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Ripple (XRP) wallets.
• Despite the allegations, Rain has yet to issue an official statement regarding the incident.

On-chain detective ZachXBT alleges a cyber attack on Bahrain-based cryptocurrency exchange, Rain, potentially resulting in a loss of $14.8 million. The exchange has yet to confirm the incident.

Alleged Cyber Attack on Rain Cryptocurrency Exchange

On-chain detective ZachXBT has reported a potential cyber attack on Rain, a cryptocurrency exchange based in Bahrain. The alleged attack, which took place on April 29, may have resulted in a loss of approximately $14.8 million. Rain, which provides services in the Middle East, Turkey, and Pakistan, has yet to issue an official statement regarding the incident.

Suspicious Outflows Detected

ZachXBT claims to have detected suspicious outflows from Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Ripple (XRP) wallets. To substantiate his claims, he shared two addresses where the stolen funds may potentially be located. Despite the allegations, Rain has yet to confirm the incident or comment on the potential loss.

Noteworthy Hacking Incidents in the Past Week

Several hacking incidents have occurred over the past week, ranging from vulnerabilities in smart contracts to dangers on social media. Here are some of the most notable incidents:

1. Base Network’s Bloom: May 9, 2024

A new flaw aiming to rebase returns for traders resulted in a loss of approximately $600,000 from the protocol. The flaw allowed a trader to misuse funds. However, the team quickly recovered most of the funds by offering a 10% bug bounty. Of the $540,000 withdrawn, $406,000 is currently under the supervision of the smart contract. The project plans to distribute this to liquidity providers (LPs).

2. Gnus AI Discord Hack: May 6, 2024

Gnus experienced a serious security breach through its Discord channel, resulting in an estimated total loss of $1.27 million. The hacker managed to infiltrate team members’ private messages to obtain wallet details, which they then used to mint 100 million fake tokens. These tokens were pegged to Ethereum and sold, triggering a significant price drop. The team has begun renewing the GNUS token to further mitigate the impact and has warned users against purchasing the devalued GNUS token.

3. Galaxy Fox Contract Crisis: May 10, 2024

The web3 platform Galaxy Fox, known for NFTs and play-to-earn games, fell victim to exploitation due to a smart contract vulnerability. The attack resulted in a loss of over 108 ETH (approximately $330,000). This incident underscores the urgent need for robust security measures and access controls to prevent unauthorized breaches.

4. Tsuru Token Security Flaw: May 10, 2024

Tsuru encountered an issue related to the TRUSU Wrapper contract. This issue prevented the contracts from being approved. The contract allowed users to enter the safeTransferFrom function with their own code, thereby bypassing the control mechanism. Large data in contract reading functions led to out-of-gas errors that affected transaction processing.

Conclusion

As the crypto world expands, so does the frequency and complexity of cyber attacks. The alleged attack on Rain and other recent hacking incidents highlight the importance of robust security measures and the need for constant vigilance in the crypto space. It also underscores the importance of transparency and communication from exchanges in the event of such incidents.