In a significant blow to the crypto community, the famous Bahrain-based exchange “Rain” suffered a devastating hack on April 29, 2024, resulting in the loss of $14.8 million worth of BTC, ETH, SOL, and Bitcoin lost. XRP.
The breach came to light thanks to the astute observations of blockchain expert ZachXBT, who detected suspicious activity indicating a potential threat to Rain's security.
Hackers seized this opportunity to quickly move the stolen funds through various exchanges and convert them to BTC or ETH to cover their tracks.
we know what you're thinking. What now?
Tracking funds
A thorough investigation revealed that some of the stolen Ethereum was in a wallet with a unique address suffix “d609” known to be associated with Rain, revealing the source of the breach. became.
On the day of the breach, the compromised wallet performed 26 transactions totaling 590 ETH, 20 billion Shiba Inu, 12,500 Chainlink, $240,000 Tether, and over $500,000 USD coins in ETH and various I siphoned off the token. Remarkably, these assets were quickly laundered through the decentralized exchange Uniswap.
Understanding business tips
Further investigation by Arkham Intelligence, a leading blockchain analysis firm, revealed a sophisticated trading pattern. The “d609” wallet cleverly accumulates various tokens such as Aave, Yearn Finance, MakerDAO and converts them into his ETH, demonstrating the complex tactics hackers employ to hide their actions. Ta.
the rain responds
In response to this breach, Rain took immediate action and reassured customers of enhanced security measures. The agency's tweet emphasized that it prioritizes customer protection and implements improved security controls to quickly detect breaches and contain and respond to situations.
Also check out: Crypto Hack Weekly Report: Is your investment safe?
How can investors protect themselves from future hacks? Read more here: Cryptocurrency Security for Beginners: A Step-by-Step Guide
