In a blog post, RAIN Crypto exchange regulated in both Bahrain and the UAE issued a statement replying to the report by ZachXBT that the exchange had likely been exploited for $14.8 million, addressing the security incident involving the exchange. They noted ” We would like our customers to know that the situation has been resolved. We assure you that we have already taken all the necessary steps to address this matter to protect customer funds.”

The crypto exchange was replying to the news circulating that “It appeared the crypto exchange Rain was likely exploited for $14.8M on April 29, 2024 after their BTC, ETH, SOL, and XRP wallets saw suspicious outflows. Funds were quickly transferred to instant exchanges and swapped for BTC and ETH.”

RAIN added, “Customers’ funds are under custody, fully accounted for, and held on a 1:1 basis. This means that all your fiat currency and crypto assets are held with the highest standards of security and regulatory compliance. Rain Management W.L.L is licensed and regulated by the Central Bank of Bahrain and Rain Trading Limited is regulated by the ADGM Financial Services Regulatory Authority, which means we maintain a 1:1 asset-to-funds ratio in line with regulatory requirements.”

The blog noted that as soon as RAIN became aware of the incident it isolated the issue and put additional controls to strengthen their security.”

Moreover RAIN confirmed that it had “covered any potential losses resulting from this incident, ensuring that customers’ interests remain protected.”

RAIN also stated that there operations are uninterrupted including crypto buy and sell, send, receive, along with fiat deposits, and withdrawals.

In conclusion RAIN commented, “We are committed to upholding the highest standards of security and regulatory compliance. In response to the incident, we have taken immediate steps to further strengthen the security of our platform. We are also fully cooperating with the relevant legal and regulatory authorities and specialist advisors to ensure that this issue is handled appropriately.”