- Radiant Capital recently suffered a major security breach.
- The perpetrator is shuffling the stolen loot.
- Investigation and recovery efforts are underway.
Radiant Capital, the cross-chain lending protocol, recently became the latest casualty in the growing wave of high-profile crypto hacks, when a sophisticated attack on October 17 wiped out over $50 million in assets. The attack marked one of the most devastating breaches of the year, particularly following a previous hack on the platform months prior.
As the protocol seeks to manage the aftermath and pursue recovery, hopes are starting to look bleak as the attacker returns to spin the stolen funds.
Radiant Capital’s Funds on the Move
The exploiter responsible for the Radiant Capital hack has resurfaced with new movements. In a Thursday, October 24, 2024 tweet, PeckShield Alert highlighted that the hacker transferred nearly all the stolen funds, totaling approximately $52 million in Ethereum, from blockchains Arbitrum and B&B Chain to Ethereum.
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The transfer comes nearly a week after the protocol hack, when the malicious actor compromised Radiant Capital’s multi-signature wallet to transfer ownership and upgrade contracts, draining millions of users’ funds in USDC, WBNB, and ETH.
While Radiant Capital has reiterated its commitment to recovery efforts, the latest movement of funds complicates the process; shifting the assets to a more liquid and widely used blockchain may make them harder to trace and potentially reclaim.
Regardless, the protocol has continued ramp recovery efforts and raised user alarms to prevent further losses.
Radiant Capital Cautions Users
In light of the $52 million hack, Radiant Capital has continued alerting users on necessary steps. The protocol has issued a crucial warning for users to secure their wallets. It urges anyone who has interacted with Radiant or believes they may have done so to revoke approvals to affected contracts.
Radiant Capital stressed that failing to take action risks draining users’ funds, which could further complicate an already challenging recovery process.
Additionally, the protocol has emphasized its commitment to identifying the exploiter, enlisting the help of several security experts and law enforcement agencies to aid in the process.
On the Flipside
- There has been a surge in fraudulent posts mimicking Radiant Capital’s damage control, and users are urged to exercise caution and await official protocol comments.
- Two major hacks in one year highlight the need for stronger security measures at Radiant Capital.
- While not proven, some industry members have suggested that the notorious North Korea-linked hacker group Lazarus, known for their high-profile attacks, may be responsible for the Radiant Capital hack.
Why This Matters
The rapid return and movement of funds by Radiant Capital’s attacker signal an urgent need for swift action. If the stolen funds are not quickly located and frozen, there is a substantial risk that they could be lost forever.
Read this article for more about the wave of hacks and scams this year:
Here’s How Much the Crypto Industry Lost to Hacks in September
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