The recent surge in Ethereum's price to $4,780 has led to significant profits for cybercriminals exploiting stolen assets. On-chain data reveals that perpetrators have conducted at least three major attacks.
Case Analyses
In October, an orchestrated attack on the Radiant Capital protocol resulted in approximately $53 million being stolen. This attack was attributed to a North Korean-affiliated group. The attackers converted a substantial portion of the funds into 21,957 ETH and recently liquidated 9,631 ETH for $44 million in stable cryptocurrencies. Radiant Capital commented on the incident, emphasizing its severity. The attackers still hold 12,326 ETH and other stable cryptocurrencies, which collectively amount to about $48.3 million, exceeding the original stolen amount.
Third Attack and Recent Movements
The third identified attack targeted the THORChain and Chainflip platforms in March. An unidentified attacker stole 17,412 ETH and converted them into stable cryptocurrencies worth $33.9 million. In June, the attacker reentered the market, purchasing 4,957 ETH, which were quickly sold for approximately $22.13 million, netting a $9.76 million profit. These incidents highlight frequent exploitation, leading to alleged losses in billions by 2024 and early 2025.
Market and General Evaluation
Security experts emphasize that both users and platforms must enhance protective measures. The rise in ETH prices translates to higher profits for attackers, though on-chain transactions enable tracking of malicious actors, despite complications in detecting asset conversion and movement. These incidents underscore the severity of security gaps in the decentralized finance sector. Attackers use market fluctuations to significantly boost the value of acquired assets, posing notable risks to investors.
Cyberattacks on cryptocurrency platforms represent a persistent threat, especially in light of market changes. Experts advocate for collaboration among relevant authorities and the development of advanced security protocols.
