Radiant Capital Hacked: $51.5 Million Stolen from Arbitrum and BNB Chain

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As a seasoned researcher who has witnessed numerous cyberattacks in the cryptocurrency space, I find this latest incident at Radiant Capital deeply concerning. The $51.5 million heist, spanning across BNB chain and Arbitrum instances, is yet another stark reminder of the vulnerabilities that persist within our digital frontier.

It’s been reported that cybercriminals have infiltrated Radiant Capital, resulting in a theft of approximately $51.5 million from users on the BNB chain and Arbitrum platforms. Just a short while ago, Ancilia Inc., a firm specializing in Web3 security, alerted the public about this security breach.

They confirmed that scammers were using a specific contract to take money from user accounts.

On Wednesday afternoon, an unauthorized attack was initiated on Radiant’s Ethereum Layer 2 service, which subsequently affected the BNB Chain. As reported by Arkham Intelligence, numerous suspicious transactions occurred from various user accounts.

It’s said that the hacker employs a “TransferFrom” function, enabling the shifting of tokens from one account to another third-party account. This process requires the victim to grant authorization to a phony wallet address.

Ancilia recommended that everyone should promptly “cancel their authorization” for any agreements with Radiant, to secure their financial resources as soon as possible.

Tony Ke, a security specialist from Fuzzland, pointed out that although Ethereum and Base appear secure, users need to remain vigilant. He emphasized that Radiant Capital has suffered a hack resulting in approximately $51 million in losses spread over Arbitrum and BNB Chain.

At 17:09 UTC on Wednesday, it was revealed that a covert agreement, often referred to as a backdoor contract, had been established. This clandestine passageway enabled the hacker to infiltrate user accounts and initiate the transfer of tokens. The ongoing investigation hints at the possibility that this cyberattack may have originated from within our system.

Ke pointed out that either someone fell for a phishing scam or a computer was hacked, resulting in the leak of Radiant’s private keys.

As per the report, an unidentified hacker transferred encapsulated amounts of BNB, ETH, USDC, and USDT into a specific Ethereum wallet whose address begins with 0x0629b. This wallet is known to contain more than $5 million in BNB and a total value of approximately $51 million, as per DeBank’s records.

At present, the hacker holds over 32 million dollars worth of assets linked to Arbitrum, and approximately 18 million dollars in tokens associated with the BNB Chain.

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2024-10-17 00:23