Rain Exchange’s $14.1M Crypto Exploit: A Deep Dive into the Incident Involving ZachXBT


Rain Exchange Suspected of $14.1 Million Crypto Exploit, Reports ZachXBT

  • Rain cryptocurrency exchange allegedly exploited, with approximately $14.1 million in various cryptocurrencies suspiciously transferred to a new wallet.
  • On-chain analyst ZachXBT reported the potential exploit, which involved suspicious outflows from Rain’s Bitcoin, Ethereum, Solana, and XRP wallets.
  • ZachXBT also alleges that North Korea’s Lazarus Group laundered $200 million worth of cryptocurrency into fiat currency over a four-year period.

On-chain analyst ZachXBT reports a potential exploit on Rain cryptocurrency exchange, with suspicious outflows amounting to approximately $14.1 million. The analyst also alleges that North Korea’s Lazarus Group laundered $200 million worth of cryptocurrency.

Suspicious Outflows from Rain Exchange

Rain cryptocurrency exchange experienced a potential exploit on April 29, which transferred approximately $14.1 million worth of various cryptocurrencies to a new wallet under suspicious circumstances, according to a May 13 report from on-chain analyst ZachXBT. The exploit involved suspicious outflows from Rain’s Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP wallets. Funds from these wallets were swiftly transferred to instant exchanges, exchanged for Bitcoin and Ethereum, and then transferred to two addresses on the Bitcoin and Ethereum networks.

Details of the Exploit

The Ethereum address, with the ending suffix “6c28,” currently holds approximately 1,881 ETH, valued at $5.5 million. Meanwhile, the Bitcoin address ending in “prp2” holds 137.9 BTC, valued at $8.6 million. Arkham Intelligence data reveals that the Ethereum destination address received its funds from an address ending in “d609,” which, in turn, received the funds from various Bitgo multi-signature wallets. Although these wallets have not been explicitly identified as belonging to Rain, they were involved in sending over 590 ETH ($1.7 million), approximately 20 billion Shiba Inu ($481,000), 12,500 Chainlink ($169,000), $240,000 Tether (USDT), and $500,000 USD Coin (USDC). These tokens were promptly swapped for ETH on Uniswap.

ZachXBT Alleges Lazarus Group’s Crypto Laundering

In recent posts, ZachXBT has made other substantial claims, including allegations that North Korea’s Lazarus Group laundered $200 million worth of cryptocurrency into fiat currency over a four-year period. According to ZachXBT’s analysis, at least $44 million worth of stolen crypto has been laundered through Paxful and Noones, utilizing two usernames, “EasyGoatfish351” and “FairJunco470,” which exhibited deposits and trading volumes corresponding to the stolen funds.

Conclusion

The crypto industry continues to face significant security challenges, with investors losing $2 billion to hacks and exploits last year, and an additional $333 million stolen in the first quarter of this year. The alleged exploit on Rain exchange and the claims against the Lazarus Group highlight the need for improved security measures and regulatory oversight in the crypto space.

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

Top Analyst Predicts Major Rallies for 4 Altcoins: Spotlight on ADA, ETH, BNB, and SOL

Ethereum's ETF approval rumors have sparked a significant...

Degen Coin (DGN) Secures $150 Million Boost, Fueling Crypto Market Optimism

Degen, a blockchain-based social platform, has seen a...

Uniswap (UNI) Challenges SEC’s Wells Notice, Criticizes Legal Foundations as ‘Flimsy’

Uniswap Labs has officially responded to the SEC's...

Binance Announces New Listing: Spotlight on Bitcoin (BTC) Trading Opportunities!

Leading cryptocurrency exchange Binance has announced the addition...
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Gold Slides from Peak: What’s Next for Investors? [Expert Analysis]

As global economic uncertainties persist, gold prices have...

Bitcoin (BTC) and Altcoin Market Update: Comprehensive Analysis for May 22

Bitcoin currently sees a 1.6% decrease, trading at...

Whale Investor Acquires Massive Stakes in WIF and GME Cryptocurrencies: Market Impact Analysis

In the dynamic world of cryptocurrencies, meme coins...

Bank Nifty (BANKNIFTY) Trading Begins Strong at ₹48,113.9: Live Market Updates and Analysis

```html Bank Nifty Share Price Live Updates: Bank Nifty...

BHEL Shares Tumble 8% Post-Q4 Earnings; Expert Analysis on Future Moves (BHEL: IN)

```html Bharat Heavy Electricals (BHEL) experienced...
Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
spot_imgspot_imgspot_imgspot_img

Top Analyst Predicts Major Rallies for 4 Altcoins: Spotlight on ADA, ETH, BNB, and SOL

Ethereum's ETF approval rumors have sparked a significant rally, with ETH experiencing a surge of over 20% in a single day. Investors and...

Degen Coin (DGN) Secures $150 Million Boost, Fueling Crypto Market Optimism

Degen, a blockchain-based social platform, has seen a significant uptick following a substantial investment. The platform's recent funding success highlights growing investor confidence...

Uniswap (UNI) Challenges SEC’s Wells Notice, Criticizes Legal Foundations as ‘Flimsy’

Uniswap Labs has officially responded to the SEC's Wells Notice, challenging the allegations and the basis of potential legal action. The response from...