The hacker responsible for the Radiant Capital breach in October 2024 has significantly increased their funds, turning $53 million into $102.54 million.
Profit from ETH Trading
According to blockchain analytics platform Lookonchain, the hacker has managed to grow their stolen funds using a strategy focused on trading Ethereum. Initially, all stolen assets were swapped for 21,957 ETH shortly after the breach of Radiant's platforms on Arbitrum and BNB Chain.
Hacker's Fund Movements
The hacker has been actively moving large amounts of cryptocurrency in recent hours. Various transactions indicate exchanges of ETH and WETH for DAI, including a single transaction exchanging 8.64 million DAI, as well as a series of smaller exchanges of 200 WETH for around $950K each. Currently, the hacker possesses a portfolio worth about $102.54 million, which includes 12,326 ETH and approximately $43.94 million in DAI.
Background of the Hack
In October 2024, Radiant Capital was hacked, resulting in approximately $51.5 million being stolen from user wallets. The breach occurred through a malicious contract that deceived users into granting token permissions, allowing the attacker to drain funds using the TransferFrom function. The stolen funds included wrapped BNB, ETH, USDC, and USDT, all aggregated into one wallet.
These events highlight the risks associated with cryptocurrency security and the importance of safeguarding users' funds on platforms.
