Radiant Capital Hacker Converts $53M Theft to $95 Million via Strategic Ethereum Trading

By: Isha Das

A recent report has brought to light the audacious moves by the hacker behind the Radiant Capital breach – a daring cyber attack on a decentralized lending platform in October 2024 – that initially led to over $50 million in pilfered assets. Through adept trades of Ethereum, the hacker has managed to inflate these stolen funds to almost $95 million, according to blockchain analysts and on-chain tracking data.

The breach involved the compromise of hardware wallets belonging to several developers, which enabled the attacker to seize control of various assets, including WETH, WBTC, USDC, USDT, and Arbitrum tokens. These assets were then consolidated and converted into Ethereum. On August 20, a report from blockchain analyst EmberCN revealed that the hacker had begun liquidating parts of the stolen Ethereum, selling 9,631 ETH at an average price of $4,562, thus generating around $43.94 million in DAI. This maneuver was well-timed with Ethereum's robust rally toward its previous highs near $5,000.

The hacker showcased further strategic acumen by exploiting a dip in Ethereum prices to repurchase 2,109.5 ETH for $8.64 million in DAI, at approximately $4,096 per coin. This volatile trading strategy allowed the individual to secure profits by initially selling at a high price and then buying back during a market dip, while adeptly managing exposure to market risks.

Consequently, the hacker's portfolio now boasts approximately 17,000 ETH alongside $25.29 million in DAI, cumulatively valuing around $96 million according to data from Arkham Intelligence. This represents a notable 56% increase over the stolen initial value, translating to an additional gain exceeding $42 million. This sophisticated trading approach highlights not only the vulnerabilities within such decentralized platforms but also the potential for substantial financial gain through astute market manipulation.