A notorious cybercriminal, responsible for the multi-million dollar breach of Radiant Capital, has remarkably transformed their illicit gains into an even larger fortune. Through astute trading strategies on the Ethereum blockchain, the hacker has not only evaded capture but also significantly amplified the stolen assets, showcasing an alarming level of financial sophistication.
The Original Breach and Consolidation
In October 2023, the decentralized lending protocol Radiant Capital fell victim to a devastating cyberattack across both BNB Chain and Arbitrum. The breach resulted in over $50 million in stolen assets, including Wrapped Ethereum (WETH), Wrapped Bitcoin (WBTC), USDC, USDT, and Arbitrum tokens. These diverse assets were reportedly obtained by compromising developers' hardware wallets and were subsequently consolidated into Ethereum, setting the stage for the next phase of the hacker's illicit operations.
Sophisticated Trading and Profit Amplification
Since the initial theft, the hacker has actively engaged in strategic Ethereum trading, turning an initial $53 million into nearly $95 million. This impressive growth, representing a 56% increase, was achieved by meticulously timing market movements. The individual reportedly liquidated significant portions of their stolen Ethereum during price rallies, for instance, selling 9,631 ETH at an average price of $4,562 to generate approximately $43.94 million in DAI. Crucially, they then repurchased ETH during price dips, such as acquiring 2,109.5 ETH for $8.64 million DAI at around $4,096 per coin. This sell-high, buy-low tactic has allowed the hacker to lock in substantial profits, effectively reducing market exposure while consistently increasing their net worth. Currently, the hacker holds around 17,000 ETH and $25.29 million DAI, culminating in a combined value of approximately $96 million.
