Radiant Capital Hacker Transfers $52M in Stolen Funds to Ethereum Network 

• Radiant Capital’s exploiter transferred $52M to Ethereum after a significant hack targeting their Arbitrum chain.  
• PeckShield reveals the hacker moved 20,500 Ether, utilizing common laundering tactics through Ethereum’s network.  
• Radiant Capital urges users to revoke access to affected contracts while working with authorities to recover the funds. 

Blockchain forensics firm PeckShield has uncovered that the wallets linked to Radiant Capital’s exploiter transferred $52 million to the Ethereum network. The incident, first detected on October 24, involved almost all the stolen funds being moved from the Arbitrum and Binance BNB Chain to Ethereum.  

Hacker Transfers Stolen Funds to Ethereum  

According to PeckShield’s report, the hacker amassed a total of 20,500 Ether, valued at around $52 million. These funds were initially siphoned from Radiant Capital following an October 16 malware attack. Radiant Capital, a DeFi lender, experienced losses exceeding $50 million due to a hack targeting their Arbitrum chain.  

A post-mortem report revealed that the attack stemmed from a malware injection that compromised the hardware wallets of three Radiant Capital developers. This sophisticated method allowed the hacker to steal substantial funds, which they later moved to Ethereum. PeckShield highlighted that moving stolen funds into Ethereum is a common method for laundering funds.  

Similarities with Other Crypto Hacks 

Crypto criminals have often used the Ethereum network and crypto mixers to obscure the source of stolen funds. This laundering technique has been seen in previous high-profile exploits this year, including hacks involving WazirX, CoinStats, and Orbit Chain, among others. The growing trend of such activities underscores the vulnerability of various DeFi platforms to sophisticated hacking attempts.  

On October 23, Radiant Capital urged its users to revoke any permissions granted to compromised contracts via revoke. cash. The project emphasized the importance of protecting user assets and sharing a detailed list of affected contracts for users to address. Radiant Capital has also committed to working with law enforcement and security experts to recover the stolen funds and track down the hacker.  

Wider Impact of Crypto Hacks 

Data from PeckShield further highlights the growing scale of crypto exploits. Throughout September 2024 alone, the firm reported over $120 million in losses from various hacks. This includes notable breaches involving platforms such as BingX, Penpie, and Indodax, signaling the ongoing challenge of ensuring security across decentralized finance projects.