Blockchain forensics firm PecShield has discovered a wallet where Radiant Capital exploiters transferred $52 million in funds to the Ethereum network.
In an Oct. 24 X post, PeckShield said that addresses linked to the Radiant Capital hackers moved “nearly all stolen funds” from Layer 2 networks Arbitrum and Binance BNB Chain to the Ethereum (ETH) network. reported.
According to PeckShield data, the hackers made a total profit of 20,500 ether, or the equivalent of about $52 million.
On October 16, DeFi financier Radiant Capital suffered losses of up to more than $50 million due to a malware attack that allowed hackers to extract funds from Radiant Capital's Arbitrum chain.
Based on information from the after-action report, the attackers targeted at least three Radiant developers through sophisticated malware injections, which they called “one of the most sophisticated hacks ever recorded in DeFi.” compromised their hardware wallet.
Criminals often move stolen funds to the Ethereum network and launder them through crypto mixers, making it difficult to recover stolen funds. The same techniques have been used in many other cryptocurrency hacks and exploits this year, including WazirX, CoinStats, and Orbit Chain, among others.
On October 23, Radiant Capital reminded users to protect their wallets by revoking the approval of affected contracts at revoke.cash. Under this post, Radiant Capital shared a list of affected contracts for users to revoke access.
“This is not an option. To prevent further loss, please take a minute to protect your assets by visiting revoke.cash and removing permissions.” Radiant Capital said in a post.
Additionally, the decentralized finance project built on LayerZero assured that it remains “fully committed” to tracking and freezing the stolen funds, working with security experts and law enforcement on this incident.
According to PeckShield data, throughout September 2024, many crypto players suffered losses of over $120 million due to crypto hacks. Notable hacks and exploits involved platforms such as BingX, Penpie, and Indodax.
