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    Radiant Capital hacker moves $52M in stolen funds

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    A cybercriminal has transferred around $52 million of stolen funds from online finance service Radiant Capital to the Ethereum network. The funds were moved from platforms known as Arbitrum and the Binance BNB Chain. The theft involved a sophisticated malware injection that gave the hacker control over the devices of at least three key developers at Radiant. This added security breach, on top of another earlier this year, has prompted a 66% drop in Radiant’s total locked value. Using Ethereum to hide stolen funds is a common tactic amongst cybercriminals.

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    The cybercriminal who recently swiped a bunch of cash from the online finance service Radiant Capital has made a sneaky move, shifting just about all the stolen money from some tech-savvy platforms to Ethereum, possibly to hide it for later.

    The news came from PeckShield, a company focused on blockchain security, on Oct. 24. The pros there revealed that the person who snatched funds from Radiant managed to transfer virtually all of the stolen cryptocurrency from networks known as Arbitrum and the Binance BNB Chain over to the Ethereum network.

    They shifted a heap of online cash, around 20,500 Ether (ETH), to be precise. That quantity of digital currency is valued at about $52 million.

    Around Oct. 23, Radiant Capital sent out a message asking users to safeguard their digital wallets by revoking their approval for suspect smart contracts, stating that if users didn’t take this step they risked losing their funds.

    Radiant Capital had to stop its lending markets after the cyber security breach on Oct. 16 where they lost more than $50 million. However, unlike regular smart contract exploits, this was unique because it involved the devices of at least three key developers at Radiant. They were targeted with a sophisticated malware injection which gave the hackers control of the wallets.

    Radiant Capital is an online financial platform where users can earn interest and borrow assets across multiple blockchain networks like Ethereum, BNB Chain, and Arbitrum. Since the exploit though, its total locked value has dropped 66% to roughly $24 million, according to DefiLlama.

    This isn’t the first time Radiant Capital has been hit, as it stalled lending markets back in January following a $4.5 million flash loan exploit.

    One common way for hackers and cybercriminals to hide their stolen stuff is using Ethereum as a stepping stone before going through so-called mixers like Tornado Cash.

    This tactic has been mostly used in previous cryptocurrency attacks and scams this year, for instance in WazirX, CoinStats, Orbit Chain, Pancake Bunny, Unizen, and Penpie.

    Earlier this year, folks from PeckShield shared that swapping to Ether quickly allows the hacker to secure their funds before any measures to stop them can be taken by authorities or by issuers of the centralized tokens.

    Losses from cryptocurrency hacks went beyond $120 million in September as per PeckShield. However, it was actually the second-lowest monthly loss this year.

    Source: Cointelegraph

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