Verify a decision

{"actor":"system:backfill","investigation_id":"2ddcc341-235f-4038-8138-711b3366f4d0","kind":"publish","page_slug":"rain","published_at":"2026-05-18T23:18:05.293Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Rain","sections":[{"content":"","heading":"","severity":"medium","sources":[]},{"content":"","heading":"","severity":"medium","sources":[]},{"content":"","heading":"","severity":"medium","sources":[]},{"content":"","heading":"","severity":"medium","sources":[]},{"content":"","heading":"","severity":"medium","sources":[]}],"sources_used":[],"summary":"Rain (rain.com / Rain Financial) is a Bahrain-headquartered cryptocurrency exchange founded in 2017, holding licenses from the Central Bank of Bahrain and the Abu Dhabi Global Market's Financial Services Regulatory Authority. In April 2024, the exchange suffered a confirmed security breach of approximately $14.8 million in BTC, ETH, SOL, and XRP, which went undisclosed for approximately two weeks until blockchain investigator ZachXBT publicly exposed it. Rain subsequently confirmed the incident and stated that all customer funds were covered from company reserves.","timeline":[{"date":"2017-01-01","event":"Rain Financial founded by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy; entered Central Bank of Bahrain regulatory sandbox.","source":"","source_url":"https://en.wikipedia.org/wiki/Rain_(cryptocurrency_exchange)"},{"date":"2019-01-01","event":"Rain receives Category 3 Crypto-Asset Module license from Central Bank of Bahrain, becoming the first licensed crypto exchange in the Middle East.","source":"","source_url":"https://www.fintechfutures.com/blockchain-crypto-digital-assets/middle-east-s-first-licenced-crypto-exchange-rain-is-live"},{"date":"2021-01-01","event":"Rain raises $6 million Series A led by MEVP and Coinbase Ventures.","source":"","source_url":"https://www.mevp.com/news/rain-financial-rain-raises-usd-110-million-in-series-b-funding-co-led-by-paradigm-and-kleiner-perkins"},{"date":"2022-01-18","event":"Rain raises $110 million Series B co-led by Paradigm and Kleiner Perkins.","source":"","source_url":"https://www.coindesk.com/business/2022/01/18/paradigm-leads-110m-investment-in-bahrains-first-licensed-crypto-brokerage"},{"date":"2022-01-25","event":"ADGM grants Rain in-principle approval for Financial Services Permission in the UAE.","source":"","source_url":"https://www.adgm.com/media/announcements/rain-receives-in-principle-approval-for-a-financial-services-permission-from-abu-dhabi-global-market"},{"date":"2023-07-25","event":"Rain Trading Limited granted full Financial Services Permission by ADGM FSRA, permitting virtual asset brokerage and custody in the UAE.","source":"","source_url":"https://www.coindesk.com/policy/2023/07/25/crypto-exchange-rain-obtains-license-to-operate-virtual-asset-brokerage-custody-service-in-uae"},{"date":"2024-04-29","event":"Rain exchange wallets experience approximately $14.8 million in unauthorized outflows across BTC, ETH, SOL, and XRP. Rain does not publicly disclose the incident.","source":"","source_url":"https://www.halborn.com/blog/post/explained-the-rain-exchange-hack-may-2024"},{"date":"2024-05-13","event":"ZachXBT publishes on-chain analysis on Telegram identifying the Rain exploit and reporting approximately $14.8 million in suspicious outflows, prompting public awareness of the breach.","source":"","source_url":"https://www.theblock.co/post/294036/crypto-exchange-rain-likely-exploited-for-14-8-million-zachxbt"},{"date":"2024-05-13","event":"Rain issues official statement acknowledging the security incident, stating that Rain Group has covered all losses and that customer funds are safe.","source":"","source_url":"https://www.cryptopolitan.com/mena-regulated-rain-crypto-exchange-admits-to-breach-noting-all-customer-funds-are-safe/"}]},"v":1}