tl;dr
The actor behind the October 2024 Radiant Capital breach expanded their stolen Ethereum holdings to nearly $95 million by trading strategically amid market fluctuations. The hack compromised Radiant Capital's decentralized lending protocol on BNB Chain and Arbitrum, stealing over $50 million after a...
The actor behind last year’s Radiant Capital breach has skillfully expanded their stolen Ethereum holdings to nearly $95 million by strategically trading amidst market fluctuations. The hack, which occurred in October 2024, compromised Radiant Capital's decentralized lending protocol on both BNB Chain and Arbitrum, resulting in over $50 million in stolen assets after gaining access to multiple developers’ hardware wallets.
The stolen tokens, including WETH, WBTC, USDC, USDT, and Arbitrum tokens, were eventually converted into Ethereum. Recently, on August 20, blockchain analysts observed the hacker selling 9,631 ETH at an average price of $4,562 per coin, generating roughly $43.94 million in DAI. This sale aligned with Ethereum’s rally near its prior all-time high close to $5,000, allowing the hacker to capitalize on elevated prices.
Interestingly, the attacker has also been purchasing Ethereum during price dips, buying back 2,109.5 ETH for about $8.64 million DAI at an average price of $4,096 per coin. This strategy of selling at peaks and buying during downturns has enabled the hacker to lock in profits while minimizing risk exposure to market volatility.
At present, the hacker controls approximately 17,000 ETH and $25.29 million in DAI, with a total estimated value near $96 million. This evolving situation underscores not only the importance of blockchain security but also the sophisticated tactics hackers may employ in navigating cryptocurrency markets.