Lawrence Damilola
The hacker responsible for the recent theft from the decentralized finance (DeFi) protocol Radiant Capital has transferred nearly all of the stolen assets to the Ethereum network.
Blockchain security firm PeckShield reported today that the exploiter moved around 20,500 Ether, valued at approximately $52 million, from layer-2 networks Arbitrum and Binance’s BNB Chain to Ethereum. PeckShield confirmed that “swapping to Ether quickly can help the hacker secure their funds before any preventative measures are taken by authorities or the issuers of centralized tokens.”
Radiant Capital, a cross-chain DeFi lending protocol, was hacked for over $50 million in a cyberattack on Wednesday last week.
The platform, which operates across multiple networks, including Ethereum, Binance’s BNB Chain, and Arbitrum, halted its lending markets following the breach. Yesterday, Radiant Capital warned users, urging them to revoke approvals for affected smart contracts. “Failing to do so puts your funds at risk of being drained,” the platform stated.
Details of the Radiant Capital Attack
The team at Radiant revealed that the exploit was not a typical smart contract vulnerability but a result of compromised developer devices. On October 18, the protocol’s developers shared that hackers had injected malware into the devices of at least three core team members, giving them control over the multi-signature wallet. This allowed the attackers to transfer the funds from the platform.
Radiant Capital’s total value locked (TVL) has sharply declined since the incident, dropping by 66% to approximately $24 million, according to DeFiLlama. This is the second major attack on the protocol in 2024. In January, Radiant Capital was targeted in a $4.5 million flash loan exploit, temporarily suspending its lending operations.
Crypto Hacks and Fund Obfuscation
Hackers in crypto frequently move stolen funds to Ethereum, using mixers like Tornado Cash to obscure the trail. This method has been employed in several high-profile hacks this year, targeting platforms like WazirX, CoinStats, and Pancake Bunny. PeckShield reported cumulative losses from crypto hacks in September 2024 exceeded $120 million, making it one of the most active months for DeFi-related exploits.
Read More
- $1.7 Million Drained from Bedrock DeFi UniBTC Pool in Suspected Attack
- Security Breaches Hit Crypto Hard: $313 Million Stolen in August, Phishing Emerges as Top Threat
- Another Security Breach: Decentraland X Account Compromised
Lawrence does not hold any crypto asset. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
