ZachXBT suspects a hack of the #Bitcoin exchange Rain for $14.8 million.

On-chain researcher ZachXBT reported a likely hack of the Bahrain-based cryptocurrency exchange Rain involving $14.8 million.

According to him, the incident occurred on April 29. On that day, suspicious withdrawals of BTC, $ETH , $SOL , and $XRP occurred from the exchange's wallets.

"The funds were quickly transferred to third-party exchanges and instantly converted into #BTC and #ETH ," ZachXBT reported.

A few hours after the publication, representatives from Rain stated that the issue had been resolved and client funds were "fully accounted for and stored on a 1:1 basis."

"As soon as we became aware of the incident, we isolated the issue and implemented additional control measures to enhance our security. Rain Group covered any potential losses resulting from this incident," the exchange stated.

According to the statement, the platform continued its operational activities in full.

Rain holds a license from the Central Bank of Bahrain, and last year, it received approval from the Abu Dhabi financial regulator to operate as a provider of brokerage and custodial services for virtual assets.

In January 2021, the exchange closed a Series B funding round of $110 million, led by Paradigm and Kleiner Perkins.