Hacker transfers $52 million to Ethereum network

PeckShield, a blockchain security company, reported that addresses associated with the Radiant Capital exploiter transferred the stolen cryptocurrency from the Arbitrum layer 2 networks and the Binance BNB Chain to the Ethereum network.

The total transfer amounted to approximately 20,500 ETH, valued at around $52 million.

Warning for users

Radiant Capital reminded users of the necessity to secure their wallets by revoking approval for smart contracts that were affected by the exploit.

Halting of lending markets

The cross-chain DeFi lending protocol suspended its markets after being hacked for over $50 million due to a cybersecurity breach.

Incident details

However, this was not a typical smart contract exploit. On October 18, the Radiant Capital team released an investigation that revealed the attackers had compromised the devices of at least three key developers using malware. This gave the hackers control over the multisignature wallet.

This is not the first time Radiant Capital has been compromised this year. In January, the platform halted its lending markets after suffering a flash loan exploit worth $4.5 million.