A massive hack against Radiant Capital, a decentralized finance (DeFi) lender, has seen a massive development to the case where its hacker started moving the funds stolen from their network. Worth $52 million in crypto funds were transferred over to the Ethereum network, but it was revealed that it is not yet all of the stolen money from the company from this recent attack.
The recent move by the hacker saw a significant movement of the stolen funds to different addresses, following their notable attack, with this gaining notoriety in the crypto industry as one of the largest exploits.
Radiant Capital Hacker Transfers $52M Stolen Crypto to Ethereum
PeckShield, a blockchain security company, shared a new report that monitored what happened after Radiant Capital was attacked, and it claims that the hacker behind the crypto theft has already moved the money to the Ethereum network. The yet unknown threat actor behind this attack managed to 'bridge' as much as $52 million from the network.
The large amount that was moved by the hacker across six different accounts was not yet all of the funds that were taken from Radiant Capital, but it already amounted to around 20,500 ETH transferred.
It was revealed that this method to throw away the trail has been used by previous threat actors, first transferring it over to the ETH network and then using a crypto mixer to help launder it, giving investigators a challenge in locating the stolen money.
Radiant Capital Hack Started From Developer's Wallets
The attack against Radiant Capital happened last weekend, with the company detailing that it suffered from a "highly sophisticated security breach" which resulted in a loss of as much as $50 million. It was revealed by the company that the hacker used malware injection to compromise three of its developers' hardware wallets.
Radiant Capital is now working with US law enforcement and investigators to track the hacker behind this, now looking for a way to "freeze all stolen assets" and soon recover them from those responsible.
Massive Crypto Hacks in the Industry
Over the past years, analysts and blockchain security experts have seen a significant rise in cryptocurrency hacks, and in 2024 alone, it saw the figure doubled in size, with five massive attacks significantly contributing to the figures. The worsening attacks in the crypto industry saw as much as $1.38 billion looted by criminals by June 24, and it is still expected to grow towards the end of the year.
Earlier this year, Japan's DMM Bitcoin cryptocurrency exchange platform faced the largest attack in its operations, and this was recorded to be the eighth-largest infiltration in the history of the blockchain. As much as $305 million worth of Bitcoin was stolen by the threat actors, and they have since distributed their loot across 10 wallets, with each seeing an equal share of 500 BTC.
The attacks against cryptocurrency are already worsening in the market, and not only companies are facing its grievous effects, but also the customers who are either the targets or suffering from the massive hacks against the company. The latest attack in the industry took place against Radiant Capital, with the still unknown hacker now moving the stolen crypto to the Ethereum network.
