Radiant Capital hacker transfers $52M in stolen funds

Radiant Capital hacker transfers 52M dollars in stolen funds

2024-10-24 by Ndaman Olayinka 3 minutes read
Radiant Capital hacker transfers 52M dollars in stolen funds

In an apparent attempt to hide its location, the hacker responsible for the recent theft from the decentralized finance (DeFi) protocol Radiant Capital has transferred nearly all of the stolen funds from the layer-2 protocols to Ethereum. 

According to a report published on October 24 by blockchain security firm PeckShield, addresses linked with the Radiant Capital exploiter have bridged almost all of the fraudulently obtained cryptocurrency from the exploit from Binance BNB Chain and layer-2 networks Arbitrum to the Ethereum network.

PeckShield added that the total amount transferred was roughly 20,500 Ether, which is worth $52 million as of the time of writing.

Radiant Capital exploit

According to Radiant and cybersecurity experts, the cross-chain DeFi lending protocol experienced a more than $50 million cybersecurity breach on BNB Chain and Arbitrum.

De.Fi reported that the exploit cost about $58 million, which is coherent with estimates from Ancilia Inc., another cybersecurity company, that estimated losses at about $50 million. A "multisig" wallet, also known as a multisig wallet, controls Radiant. Several smart contracts were allegedly taken over by the attacker after they allegedly obtained the private keys of multiple signers.

Through a "sophisticated malware injection," the attackers were able to gain control of the multisignature wallet by breaching the devices of at least three key Radiant developers, according to a post-mortem of the incident published by the team on October 18. 

Radiant Capital halts lending after exploit

In the October 16 cybersecurity breach on BNB Chain and Arbitrum, Radiant Capital was exploited for over $50 million, prompting Radiant Capital to suspend its lending markets. 

According to DefiLlama, its total value locked has fallen 66% since the exploit and is currently at about $24 million. 

Radiant Capital has been compromised previously this year. The platform shut down lending markets in January after a $4.5 million flash loan scam.

Disclaimer

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