Rain Exchange

In April 2024, Rain Exchange, a prominent cryptocurrency exchange operating in the Middle East and Turkey, fell victim to an exploit that targeted its Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP wallets. The incident initially went unreported by the exchange until blockchain investigator ZachXBT publicly disclosed the breach on May 13, 2024.

ZachXBT’s report revealed that approximately $14.8 million worth of BTC, ETH, SOL, and XRP had likely been siphoned from Rain Exchange on April 29. He provided evidence showing how the stolen assets were moved to a new wallet under suspicious circumstances, drawing attention to an apparent security breach within the exchange’s systems.

Following the public exposure, AJ Nelson, co-founder of Rain Exchange, acknowledged on social media platform X that an attacker was indeed responsible for the unauthorized transactions. He assured users that the exchange continued to operate smoothly and confirmed that all affected assets had been fully replaced using the company’s internal reserves.