In a significant development, the hacker responsible for the recent $52 million exploit of Radiant Capital has transferred nearly all stolen funds into the Ethereum network. Blockchain forensic firm PeckShield reported the transfers in an October 24 post on X, revealing that the hacker moved funds from the Layer 2 network Arbitrum and the Binance BNB Chain into Ethereum.
PeckShield’s analysis indicated that the hacker successfully yielded a total of 20,500 Ether, valued at approximately $52 million. This movement follows a malware attack on October 16, which resulted in Radiant Capital suffering losses exceeding $50 million. The exploit was executed through sophisticated malware that compromised the hardware wallets of at least three Radiant developers, marking it as one of the most complex hacks recorded in decentralized finance (DeFi).
Historically, criminals tend to transfer stolen funds into the Ethereum network, often laundering them through crypto mixers, making recovery efforts more challenging. This tactic has been employed in several notable crypto hacks this year, including incidents involving WazirX, CoinStats, and Orbit Chain.
In response to the attack, Radiant Capital has advised its users to secure their wallets by revoking approvals to affected contracts via revoke.cash. The platform urged users to take immediate action to safeguard their assets, emphasizing, “This is not optional—take one minute to protect your assets by visiting revoke.cash and removing any permissions to prevent further losses!”
Radiant Capital, a decentralized finance project built on LayerZero, has assured users of its commitment to tracking down and freezing the stolen funds, collaborating closely with security experts and law enforcement.
Data from PeckShield reveals that throughout September 2024, various crypto platforms faced losses exceeding $120 million due to hacks, with significant incidents involving platforms like BingX, Penpie, and Indodax.
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