Radiant Capital Hacker Moves $52M Stolen to Ethereum
Date: 2024-10-24 Author: Henry Casey Categories: BUSINESS
There has been significant activity recently from the attacker responsible for the attack on the decentralized finance platform Radiant Capital. On October 24, blockchain security company PeckShield reported that addresses associated with the hacker had moved almost all of the stolen funds from second-layer networks such as Arbitrum and Binance BNB Chain and moved them to Ethereum.
According to PeckShield, the total amount of funds moved was about 20,500 Ether, equivalent to $52 million. This movement of funds occurred a week after the Radiant Capital platform was hacked on October 16, in which the attackers withdrew more than $50 million.
On October 23, Radiant Capital warned its users to revoke permissions on the compromised smart contracts. The platform warned that if they failed to do so, their funds could be lost entirely.
Following the incident, the platform, which provides lending and interest-earning services across multiple blockchain networks, was forced to suspend its lending markets. According to information from DefiLlama, the total value locked on the platform has decreased by 66% since the hack and is now around $24 million.
The Radiant Capital incident is not a typical smart contract hack. On October 18, the development team published a report revealing that the attackers used sophisticated malware to infect the devices of at least three key developers, giving them control over the project’s multi-signature wallet.
It is worth noting that this is not the first time Radiant Capital has been hacked in 2024. The platform previously shut down its lending markets in January after it was hit by a $4.5 million flash loan attack.
Hackers often use the Ethereum network to disguise stolen assets through mixers like Tornado Cash. This method has been used extensively in previous attacks, such as the WazirX, CoinStats, and other platforms. PeckShield highlights that moving assets to Ethereum can help hackers secure their funds before any action is taken by authorities.
According to a report by PeckShield, total losses from cryptocurrency attacks exceeded $120 million in September, making it the second-largest month of 2024.
