- Radiant Capital hackers bridged $52M from Arbitrum and BNB Chain to Ethereum.
- Advanced malware compromised developers’ devices, enabling the exploit.
Hackers behind the recent Radiant Capital exploit have successfully bridged nearly all stolen funds from Arbitrum and BNB Chain to Ethereum, totaling approximately 20.5K ETH, valued at around $52 million. This move marks the next phase in the aftermath of the October 16 hack, where attackers drained assets across multiple blockchains before transferring the funds into Ethereum’s ecosystem to obscure their tracks and potentially access greater liquidity options.
#PeckShieldAlert #RadiantCapital Exploiter -labeled addresses have bridged nearly all stolen funds from #Arbitrum and #BNBChain to #Ethereum, totaling ~20.5K $ETH (worth ~$52M). pic.twitter.com/JquCL84hZl
— PeckShieldAlert (@PeckShieldAlert) October 24, 2024
Notably, the exploit, which occurred on the evening of October 16, involved a complex attack on Radiant Capital’s cross-chain lending markets. According to Radiant Capital’s post-mortem report, advanced malware injections compromised the devices of three reputable contributors to the project. These compromised devices, despite being protected by hardware wallets and distributed across different locations, allowed threat actors to validate malicious transactions and siphon funds.
Moreover, Blockchain security firm Ancilia Inc. was among the first to detect the suspicious activity on October 16. It reported that $16 million was drained from Radiant’s pools on BNB Chain. Shortly after, more funds were stolen from trading pools on Arbitrum. It involves various tokens like USDT, USDC, and ARB, bringing the total losses to around $52 million. Another security firm, Hacken, also confirmed the extent of the damage.
Stronger Oversight is Crucial
The October exploit isn’t Radiant Capital’s first breach. The DeFi platform was hit by a $4.5 million flash loan exploit on Arbitrum just over ten months ago. It highlights the ongoing security challenges faced by decentralized finance protocols. In response to the recent breach, Radiant has reported the attack to U.S. law enforcement. And reportedly is working with cybersecurity firms SEAL911, Hypernative, ZeroShadow, and Chainalysis to investigate further.
The incident once again raises concerns about the vulnerabilities of cross-chain DeFi platforms, as hackers continue to exploit their complex infrastructure for massive gains.
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