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

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

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

According to PeckShield’s data, the hacker yielded a total of 20,500 Ether or worth around $52 million.

On Oct. 16, DeFi lender Radiant Capital suffered losses up to more than $50 million due to a malware attack that enabled the hackers to exploit the funds from Radiant Capital’s Arbitrum chain.

Based on information from the post-mortem report, the attackers compromised the hardware wallets of at least three Radiant developers through a sophisticated malware injection that they dubbed “one of the most sophisticated hacks ever recorded in DeFi.”

Oftentimes, criminals will move stolen funds into the Ethereum network and launder the funds through a crypto mixer to make it harder to recover the stolen funds. The same method has been used in a number of other crypto hacks and exploits this year such as WazirX, CoinStats, Orbit Chain, among others.

On Oct. 23, Radiant Capital reminded users to secure their wallets by revoking approvals to 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 one minute to protect your assets by visiting revoke.cash and removing any permissions to prevent further losses!” said Radiant Capital on its post.

Moreover, the decentralized finance project built on LayerZero assured that it remains “fully committed” to tracking down and freezing the stolen funds by collaborating with security experts and law enforcement on the case.

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