Unsettling reports emerge in the crypto world, revealing that the Radiant Capital hacker not only escaped with stolen funds but is actively increasing them.
How the Radiant Capital Hacker Amplified Their Gains
According to analyst @EmberCN, the individual behind the Radiant Capital exploit has nearly doubled their stolen funds. They sold 9,631 ETH at an average price of $4,562, converting that into 43.93 million DAI. Later, when ETH prices pulled back, they bought back 2,109.5 ETH at a lower average price of $4,096, spending 8.64 million DAI.
Understanding the Hacker’s Ethereum Trading Strategy
The hacker’s strategy adhered to classic trading principles: sell high, buy low. This approach allowed them to significantly increase their asset holdings, with their total portfolio now worth $94.63 million, which is $41.63 million more than the original $53 million stolen.
The Unsettling Reality of the Hacker's Success
The hacker's success sheds light on vulnerabilities in DeFi protocols and the challenges in tracing and freezing funds once actively traded. This incident highlights the urgent need for improved security measures in DeFi projects and robust collaboration among exchanges and law enforcement to prevent such financial gains from criminal activities.
The tale of the stolen funds from Radiant Capital serves as a stark reminder of the ongoing challenges in securing assets in the blockchain ecosystem and the need for enhanced defenses against illicit activities.
