In mid-October 2024, Radiant Capital, a decentralized finance protocol, fell victim to a cyber attack that resulted in the theft of approximately $58 million. Since then, the value of the stolen assets has significantly increased.
Cyber Attack on Radiant Capital
Beginning in mid-October 2024, Radiant Capital, a cross-chain protocol on BNB Chain and Arbitrum, experienced a cyber attack that led to the theft of about $58 million. The hacker successfully swapped the stolen funds for Ethereum and now controls around 21,957 ETH, equating to approximately $103 million today.
How Ether Influenced Asset Value
According to blockchain data, the value of the stolen asset has increased due to the price rise of Ether, which closed above $2,300 on October 15, 2024, and traded above $4,700 at the time of writing. As a result, the cyber attack unexpectedly benefited the perpetrator.
Factors Driving Ethereum Growth
The rise in Ether's price is attributed to multiple factors, including increased ether circulation and regulatory changes. It is also important to consider the growing amounts of ETH in corporate treasuries and the overall trend of reduced Ether supply on exchanges, contributing to further price growth.
The cyber attack on Radiant Capital highlights the risks associated with decentralized finance; however, the unexpected rise in the value of the stolen assets serves as a reminder of the crypto market's dynamism.
