Key Points
Blockchain investigation company PeckShield identified that the culprits behind the Radiant Capital exploit transferred $52 million into the Ethereum network.
PeckShield’s Oct. 24 report revealed that addresses tied to the Radiant Capital cybercriminal moved almost all stolen assets from the layer 2 network Arbitrum and Binance BNB Chain into the Ethereum network.
PeckShield’s data showed that the hacker managed to amass a total of 20,500 Ether, approximately worth $52 million.
The Radiant Capital Hack
On Oct. 16, Radiant Capital, a DeFi lender, incurred losses exceeding $50 million due to a malware attack.
This attack allowed the hackers to plunder funds from Radiant Capital’s Arbitrum chain.
The post-mortem report stated that the attackers breached the hardware wallets of at least three Radiant developers using a highly advanced malware injection.
This attack was described as one of the most sophisticated hacks ever recorded in DeFi.
It is common for criminals to transfer stolen funds into the Ethereum network and launder the funds through a crypto mixer to make recovery more difficult.
This method has been utilized in several other crypto hacks and exploits this year, including WazirX, CoinStats, and Orbit Chain.
On Oct. 23, Radiant Capital advised users to secure their wallets by revoking permissions to affected contracts on revoke.cash.
Radiant Capital posted a list of impacted contracts for users to revoke access.
Radiant Capital stressed the importance of visiting revoke.cash and removing any permissions to prevent further losses.
The DeFi project built on LayerZero affirmed its commitment to locating and freezing the stolen funds.
They plan to do this by collaborating with security experts and law enforcement.
According to PeckShield, several crypto entities suffered losses totaling over $120 million due to crypto hacks in September 2024.
Some significant hacks and exploits involved platforms like BingX, Penpie, and Indodax.