Details of the Fund Transfer
On October 24, PeckShield reported that addresses linked to the Radiant Capital hacker had moved nearly all stolen funds from the Layer 2 network Arbitrum and the Binance BNB Chain into the Ethereum (ETH) network. According to PeckShield’s analysis, the hacker successfully extracted a total of 20,500 Ether, equating to approximately $52 million.
The Exploit: A Closer Look
On October 16, Radiant Capital, a decentralized finance (DeFi) lender, experienced losses exceeding $50 million due to a malware attack. This incident enabled hackers to exploit funds from the Radiant Capital’s Arbitrum chain.
According to the post-mortem report, the attackers compromised the hardware wallets of at least three Radiant developers through a sophisticated malware injection, described as “one of the most sophisticated hacks ever recorded in DeFi.”
Common Tactics of Cybercriminals
Criminals often transfer stolen funds into the Ethereum network and launder the assets using a crypto mixer. This method complicates the recovery of stolen funds and has been employed in several other notable crypto hacks this year, including:
- WazirX
- CoinStats
- Orbit Chain
Response from Radiant Capital
In light of the recent events, Radiant Capital urged users to secure their wallets by revoking approvals to affected contracts on revoke.cash. In their message, Radiant Capital stated:
“This is not optional—take one minute to protect your assets by visiting revoke.cash and removing any permissions to prevent further losses!”
Additionally, the decentralized finance project built on LayerZero assured its users that it remains “fully committed” to tracking down and freezing the stolen funds, collaborating with security experts and law enforcement.
Impact of Crypto Hacks in 2024
Data from PeckShield indicates that throughout September 2024, various crypto platforms suffered losses totaling over $120 million due to hacks. Notable incidents involved platforms such as BingX, Penpie, and Indodax, emphasizing the ongoing vulnerabilities within the cryptocurrency space.
Conclusion
The recent hack of Radiant Capital highlights significant security challenges facing the DeFi sector. As the investigation continues, the importance of robust security measures and user vigilance becomes increasingly apparent in safeguarding assets within the cryptocurrency landscape.
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