A Crypto Hacker Gigantically Boosts Stolen Funds Through Strategic Trading
The mastermind behind last year’s $53 million theft from Radiant Capital has nearly doubled their haul. Through shrewd Ethereum (ETH) and DAI trades, the stolen amount has swelled to $94 million.
The October 2024 breach used macOS malware to infiltrate radiant’s multisig wallet. This allowed the attacker to drain funds from various lending pools.
- The hacker converted stolen assets into 21,957 ETH, then worth $53 million.
- The attacker held onto ETH as its price rose dramatically.
- Recent sales of ETH were timed to maximize profits.
On August 19, on-chain analyst EmberCN reported the latest moves. The hacker had initially sold 9,631 ETH at an average rate of $4,562 per coin, converting it into 43.9 million DAI.
In a smart move, they bought back 2,109.5 ETH when prices dropped. this strategy has landed them a current portfolio of 14,436 ETH and 35.29 million DAI.
Analyst Lookonchain pointed out the savvy choice to retain most assets in ETH during a rapid price surge fueled this growth.
The hacker remains at large. Some experts link the breach to the AppleJeus group, believed to be based in North Korea. Despite efforts from the FBI and blockchain security firms, recovery seems unlikely.
this incident highlights ongoing security challenges in decentralized finance. As the attacker now controls over $94 million, their future actions will be closely monitored.
