Hacker moves $52M in stolen funds from Radiant Capital

The hacker responsible for the breach at decentralized finance protocol Radiant Capital has moved approximately $52 million in stolen funds to the Ethereum (CRYPTO:ETH) network.

On October 24, blockchain security firm PeckShield reported that the hacker bridged nearly all stolen assets from layer-2 protocols, including Arbitrum (CRYPTO:ARB) and the Binance BNB Chain (CRYPTO:BNB), to Ethereum.

The total amount transferred was around 20,500 Ether (ETH), valued at approximately $52 million.

In a precautionary measure, Radiant Capital reminded users to secure their wallets by revoking approvals for affected smart contracts.

“Failing to do so puts your funds at risk of being drained,” the protocol warned.

The cross-chain DeFi lending platform halted its lending markets after being exploited for over $50 million on October 16.

Unlike typical smart contract exploits, the incident involved sophisticated malware that compromised the devices of at least three core developers at Radiant.

This breach allowed attackers to gain control over the multisignature wallet, leading to the significant loss of funds.

Radiant Capital allows users to earn interest and borrow assets across various blockchain networks, including Ethereum, BNB Chain, and Arbitrum.

Following the exploit, the platform's total value locked dropped by 66%, now standing at approximately $24 million, according to DefiLlama.

This is not the first instance of compromise for Radiant Capital, which halted lending markets in January following a $4.5 million flash loan exploit.

Hacker activity often involves moving stolen funds to Ethereum for laundering through mixers like Tornado Cash.

This method has been utilized in several hacks this year, affecting platforms like WazirX, CoinStats, and Pancake Bunny.

PeckShield previously noted that quickly swapping to Ether helps hackers secure their funds before authorities can intervene.

In September alone, cumulative losses from crypto hacks exceeded $120 million, marking it as one of the lowest monthly losses in 2024.