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Cryptocurrency News Articles
Radiant Capital Attacker Resurfaces, Moving $52M in Stolen Funds to Ethereum
Oct 25, 2024 at 12:01 am
Radiant Capital, the cross-chain lending protocol, recently became the latest casualty in the growing wave of high-profile crypto hacks
Radiant Capital’s attacker has moved nearly all the stolen funds to Ethereum, according to a new update.
The exploiter transferred around 20,500 ETH from Arbitrum and BNB Chain to Ethereum, PeckShield Alert reported in a tweet on Thursday.
The total amount of funds stolen comes to around $52 million at the time of writing, based on ETH prices.
Radiant Capital suffered a protocol hack on October 17, where the attacker compromised the multi-signature wallet to transfer ownership and upgrade contracts, Draining millions of users’ funds in USDC, WBNB, and ETH.
The attacker then bridged a portion of the stolen funds to Ethereum before moving them to centralized exchange Binance. However, Binance reportedly froze the attacker’s account, preventing them from further transferring the funds.
Meanwhile, Radiant Capital has reiterated its commitment to recovering users’ funds, adding that it is working closely with relevant parties to identify the attacker.
The protocol also urged users to take immediate action to protect their wallets, especially if they have interacted with Radiant in the past.
Radiant Capital advised users to revoke approvals to affected contracts to prevent any potential losses.
"Immediate action is required from all users to secure their wallets," Radiant Capital wrote in a tweet. "If you’ve ever interacted with Radiant or think you may have, you must revoke approvals to affected contracts right now."
"Failing to do so puts your funds at risk of being drained," the statement added. "This is not a drill. Protect yourself now."
Radiant Capital highlighted the importance of taking swift action, as any delay could result in users' funds being drained, further complicating the already challenging recovery process.
The protocol also noted that it is working around the clock to identify the exploiter, adding that several security experts and law enforcement agencies are assisting in the effort.
Radiant Capital aims to provide further updates on the recovery process and investigation in the coming days.
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