As a seasoned researcher with years of experience in the ever-evolving world of cryptocurrencies, I find myself both alarmed and amused by the latest developments in the Radiant Capital exploit saga. The fact that the hacker has moved the stolen funds into Ethereum network is an all-too-familiar tactic used to launder funds, a strategy we’ve seen employed in numerous hacks this year, from WazirX to Orbit Chain.
Investigative blockchain company, PeckShield, found that funds worth approximately $52 million from wallets linked to the exploiter of Radiant Capital were moved into the Ethereum network.
On October 24th, as mentioned in a post on X, PeckShield disclosed that the addresses associated with the Radiant Capital hacker transferred “almost all the stolen assets” from the layer 2 networks, specifically Arbitrum and Binance Smart Chain, into the Ethereum (ETH) network.
Based on information from PeckShield, the hacker amassed approximately 20,500 Ethers, which equates to around $52 million in value.
On October 16th, Radiant Capital, a decentralized finance (DeFi) lender, incurred losses exceeding $50 million as a result of a malware attack. This attack allowed hackers to manipulate funds from Radiant Capital’s Arbitrum network.
According to details from an autopsy report, it appears that the assailants successfully infiltrated the hardware wallets of several Radiant developers, using a highly advanced form of malware known as one of the most complex cyber attacks ever documented within the Decentralized Finance (DeFi) sector.
warning: Addresses identified as exploiters by PeckShield and Radiant Capital have transferred most of the stolen assets from Arbitrum and BNB Chain to Ethereum, accumulating approximately 20,500 ETH, or around $52 million in total.
— PeckShieldAlert (@PeckShieldAlert) October 24, 2024
Frequently, criminals transfer ill-gotten gains into the Ethereum system and cleanse these funds using a cryptocurrency tumbler to make it more challenging to retrieve the stolen assets. This tactic has also been employed in various other crypto thefts and breaches this year, including WazirX, CoinStats, Orbit Chain, and others.
On October 23rd, Radiant Capital advised its users to safeguard their digital wallets by canceling approvals related to impacted contracts via revoke.cash. Below the post, Radiant Capital provided a list of impacted contracts that users could review and withdraw access from.
Radiant Capital strongly recommends you to devote a minute for safeguarding your belongings. Simply go to revoke.cash and rescind any authorizations to minimize potential future losses.
Furthermore, the Decentralized Finance project based on LayerZero is steadfast in its pursuit of recovering the stolen assets. This involves working closely with security specialists and law enforcement to identify and immobilize these funds.
Based on information from PeckShield, numerous cryptocurrency users experienced losses exceeding $120 million in September 2024, primarily due to hacking incidents. Notable examples of these hacks and exploitations targeted platforms like BingX, Penpie, and Indodax.
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2024-10-24 12:11