Stolen $52M Vanishes into Ethereum After Radiant Capital Exploit

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Key Takeaways:

  • Radiant Capital hacker moved $52M in stolen funds (20,500 ETH) to the Ethereum network, likely to obscure the trail.
  • The October 16 attack halted Radiant Capital’s lending markets and led to a 66% drop in its total value locked (TVL).
  • The platform previously suffered a $4.5M exploit in January, highlighting ongoing security challenges.

A hacker responsible for the breach of Radiant Capital has moved $52 million in stolen cryptocurrency to the Ethereum network, following the attack on Oct. 16.

Blockchain security firm PeckShield reported that the hacker transferred approximately 20,500 ETH from layer-2 networks Arbitrum and Binance’s BNB Chain to Ethereum, likely in an attempt to obscure the trail using services like mixers.

Radiant Capital, which supports cross-chain lending and borrowing, advised users to revoke approvals for compromised smart contracts after the attack.

The platform’s total value locked (TVL) has since dropped by 66%, now standing at $24 million.

The hack was made possible through a malware injection that compromised the devices of at least three core developers, giving attackers control over a multisignature wallet.

This incident follows a similar attack in January, where Radiant Capital lost $4.5 million in a flash loan exploit.

Moving stolen funds to Ethereum has become a common tactic among hackers targeting DeFi platforms this year.

About The Author

Adam Headshot
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Co-Founder / Managing Editor

Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.

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