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 Of the $540,000 withdrawn, $406,000 is currently under the supervision of the smart contract.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.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Crypto Markets Plunge Up to 5% Awaiting U.S. Data: Key Altcoins Affected – BTC, ETH, ADA Analysis

The cryptocurrency markets are eagerly awaiting the...

Shiba Inu (SHIB) Surges as Golden Cross Appears on Hourly Charts: Key Insights

The golden cross, a popular technical indicator, has recently...

US Economic Data Triggers Bitcoin (BTC) Price Volatility: Key Insights

The cryptocurrency industry closely monitored the release...

Bitcoin (BTC) Mirrors 2017 Bull Run: Current Trends Indicate Potential Surge

Bitcoin's (BTC) current scenario mirrors...

Ethereum (ETH) Whales Resurface: Major Investors Accumulate Amid Market Shifts

A recent surge in Ethereum addresses holding...
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Crypto Markets Plunge Up to 5% Awaiting U.S. Data: Key Altcoins Affected – BTC, ETH, ADA Analysis

The cryptocurrency markets are eagerly awaiting the...

FTSE 100 Index Analysis: Key Insights for May 30, 2024 – Market Trends and Projections

Cryptocurrency markets have been experiencing...

AI Predicts 2024 End-of-Year Surge for XRP and SHIB Coins: Expert Analysis Inside!

The crypto markets have been a rollercoaster...

Crypto Market Daily: BTC, ETH, NOT, AR, XRM Price Analysis and Trends

Cryptocurrency markets witnessed significant volatility today, with...
Crypto Vira
Crypto Virahttps://coinotag.com/
Alican is a young and dynamic individual at the age of 23, with a deep interest in space exploration, Elon Musk, and following in the footsteps of Atatürk. Alican is an expert in cryptocurrency, price action, and technical analysis. He has a passion for sharing his knowledge and experience through writing and aims to make a positive impact in the world of finance.
spot_imgspot_imgspot_imgspot_img

Crypto Markets Plunge Up to 5% Awaiting U.S. Data: Key Altcoins Affected – BTC, ETH, ADA Analysis

The cryptocurrency markets are eagerly awaiting the U.S. Personal Consumption Expenditures (PCE) inflation report set to be released on Friday. Market...

Shiba Inu (SHIB) Surges as Golden Cross Appears on Hourly Charts: Key Insights

The golden cross, a popular technical indicator, has recently made an appearance on the hourly charts of Shiba Inu (SHIB). A golden cross occurs when...

US Economic Data Triggers Bitcoin (BTC) Price Volatility: Key Insights

The cryptocurrency industry closely monitored the release of two significant data points from the United States today. These included the US...