Radiant Capital hacker moves $52M worth of crypto funds into Ethereum

Blockchain forensics firm PeckShield discovered that wallets belonging to Radiant Capital’s exploiter transferred $52 million in funds to the Ethereum network.

In a post dated October 24, PeckShield reported that addresses linked to the Radiant Capital hacker moved “nearly all of the stolen funds” from the layer 2 network Arbitrum and the Binance BNB Chain to the Ethereum(ETH) network.

According to data from PeckShield, the hacker seized a total of 20,500 Ether, or approximately $52 million worth.

On October 16, DeFi lender Radiant Capital suffered more than $50 million in losses due to a malware attack that allowed hackers to exploit funds on Radiant Capital’s Arbitrum chain.

According to information from the post-mortem report, attackers compromised the hardware wallets of at least three Radiant developers via an advanced malware injection that they called “one of the most sophisticated attacks ever recorded in DeFi.”

Often criminals will move stolen funds onto the Ethereum network and launder the funds through a crypto mixer to make recovery of stolen funds difficult. The same method has been used in a number of other crypto hacks and exploits this year, including WazirX, CoinStats, Orbit Chain, among others.

On October 23, Radiant Capital reminded users to secure their wallets by de-certifying affected contracts on revoke.cash. Under the post, Radiant Capital shared a list of affected contracts for users to revoke access.

“This is not optional; take a moment to protect your assets by visiting revoke.cash and removing all permissions to prevent further loss!” Radiant Capital said in its post:

What’s more, the decentralized finance project built on LayerZero assured that it would remain “fully committed” to tracking down and freezing the stolen funds by collaborating with security experts and law enforcement in the case.

According to data from PeckShield, throughout September 2024, a number of crypto players lost over $120 million due to crypto hacks. Some notable attacks and exploits involved platforms such as BingX, Penpie, and Indodax.