The exploiter has moved around 20,500 Ether (ETH), worth approximately $52 million so far.
By Mayowa Adebajo
Edited by Julia Sakovich
Updated
2 mins read
The hacker behind the recent theft from decentralized finance protocol Radiant Capital may be trying to cover their tracks. This follows after the hacker reportedly moved nearly all of the stolen funds from Layer 2 protocols to Ethereum.
According to a Thursday report by blockchain security firm PeckShield, addresses that have been linked to the attacker were seen to have bridged “nearly all” of the crypto that was lost in the hack. That is, from Layer 2 networks Arbitrum and Binance BNB Chain to the Ethereum network.
As PeckShield confirms, the exploiter has moved around 20,500 Ether (ETH), worth approximately $52 million so far. All the efforts in a bid to make the funds untraceable.
On October 16, Radiant Capital was greeted with a shocking experience after a security incident led to a $50 million loss. The cross-chain DeFi lending protocol swung into action and suspended its lending markets almost immediately.
Upon investigation, however, the team found out that this was no regular smart contract exploit.
In the investigation report that was published on October 18, the team noted that the attackers did gain access to the devices of at least three of the project’s core developers. Per the report, the “sophisticated malware injection” that the attackers used to compromise the devices gave them control over the multi-signature wallet.
Notably, this is not the first time that Radiant Capital has fallen victim to exploiters this year. In January, the platform also lost around $4.5 million to a flash loan attack.
As it stands, the most recent exploit has led its total value locked (TVL) to plummet by over 66% to $24 million, according to DefiLlama data.
It is not exactly clear how far the platform has come with its recovery efforts. However, as Coinspeaker earlier reported, Radiant Capital has tapped the Federal Bureau of Investigations (FBI) to help.
in the interim, the team has warned users to remember to revoke approvals to the smart contracts that have been tagged as ‘affected.’ The team reminded users that failure to follow the instructions would mean that their wallets remain unsecured and, as such, put their funds at continued risk.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
