As a seasoned crypto investor who has weathered several market cycles and seen my fair share of hacks and exploits, the recent events at Radiant Capital have left me both disheartened and intrigued. The audacity of hackers to orchestrate such complex attacks, even going as far as compromising core developers’ devices, is truly mind-boggling.
It’s possible that the individual responsible for the recent heist at Radiant Capital is attempting to conceal their actions, as they have allegedly transferred most of the pilfered funds from Layer 2 platforms into Ethereum.
As per a report released on Thursday by blockchain security firm PeckShield, it appears that the addresses associated with the attacker have transferred most of the stolen cryptocurrency. This movement of funds was observed from Layer 2 networks such as Arbitrum and Binance BNB Chain to the Ethereum network.
According to PeckShield’s confirmation, an attacker transferred roughly 20,500 Ether, equivalent to around $52 million, with the intention of making these funds difficult or impossible to trace. This move is part of their attempt to conceal the origin and movement of these funds.
Radiant Capital Exploit: Situation Report
On October 16th, I found myself in an unexpected predicament as a security incident resulted in a significant financial setback of approximately $50 million for Radiant Capital. In response to this crisis, our cross-chain DeFi lending protocol swiftly activated and temporarily halted its lending markets without delay.
Upon investigation, however, the team found out that this was no regular smart contract exploit.
According to a report released on October 18, the investigating team found that the attackers managed to infiltrate the devices of at least three key project developers. This sophisticated intrusion, involving the insertion of advanced malware, granted the attackers command over the multi-signature wallet.
It’s worth mentioning that Radiant Capital has previously been targeted by exploiters this year, with an incident in January resulting in a loss of approximately $4.5 million due to a flash loan attack.
Currently, a significant exploit has resulted in a dramatic decrease of more than 66%, dropping the Total Value Locked (TVL) down to approximately $24 million, as reported by DefiLlama’s data.
The progress made by the platform in their recovery endeavors isn’t entirely obvious, but according to previous reports from Coinspeaker, they have enlisted the help of the Federal Bureau of Investigations (FBI).
In the meantime, the team advises users to cancel approvals for any affected smart contracts they’ve granted. They emphasize that disregarding these instructions could leave their wallets vulnerable, potentially exposing their funds to further danger.
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2024-10-24 13:09