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.
#PeckShieldAlert #RadiantCapital Exploiter -labeled addresses have bridged nearly all stolen funds from #Arbitrum and #BNBChain to #Ethereum, totaling ~20.5K $ETH (worth ~$52M). pic.twitter.com/JquCL84hZl
— PeckShieldAlert (@PeckShieldAlert) October 24, 2024
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.
📢JUST IN: HACKER BEHIND RADIANT CAPITAL THEFT TRANSFERRED $52M IN STOLEN FUNDS FROM LAYER-2 PROTOCOLS TO ETHEREUM ~ PECKSHIELD
— BSCN Headlines (@BSCNheadlines) October 24, 2024
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.
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