Hacker Shifts $52 Million in Stolen Crypto to Ethereum After DeFi Breach

The hacker responsible for the recent breach at the decentralized finance platform Radiant Capital has shifted nearly all stolen funds from layer-2 networks to Ethereum, likely to hide their trail.

Blockchain security firm PeckShield reported on October 24 that around 20,500 Ether, valued at approximately $52 million, was moved from Arbitrum and Binance BNB Chain to Ethereum.

Radiant Capital urged users on October 23 to protect their wallets by revoking access to compromised smart contracts, warning of potential further losses.

After the breach on October 16, which resulted in over $50 million in losses, the lending protocol halted its markets.

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A post-mortem on October 18 revealed that the attackers used sophisticated malware to infiltrate the devices of at least three core developers, allowing them to control the multisignature wallet.

This platform enables users to earn interest and borrow across various blockchain networks, including Ethereum and BNB Chain. Since the exploit, its total value locked has dropped by 66%, now approximately $24 million, according to DefiLlama.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.