Hacker Who Drained $53,000,000 From DeFi Project Hits 93.5% Gain on Loot Amid Ethereum Rally: Onchain Data

A crypto analytics firm says a hacker that drained tens of millions of dollars from a decentralized finance (DeFi) platform has recorded massive gains on his stash after Ethereum’s (ETH) latest rally.

In a new thread on X, Lookonchain says that the bad actor who exploited the DeFi protocol Radiant Capital (RDNT) made away with massive profits after converting his stash of stolen goods to Ether.

“The Radiant Capital hacker turned the stolen $53 million into $102.54 million by trading ETH, a profit of $49.5 million (+93.5%).

Ten months ago, the hacker stole $53 million from Radiant Capital and swapped it all for 21,957 ETH.

Recently, he began selling ETH for profit, selling 9,631 ETH ($43.94 million) at an average price of $4,562, leaving 12,326 ETH ($58.6 million).”

Source: Lookonchain/X

Ethereum is trading for $4,555 at time of writing, a 3.3% decrease during the last 24 hours while RDNT is valued at $0.0220, a 10% decrease on the day.

Previous reports indicate that last October, the hacker broke through Radiant Capital’s crypto wallet defenses “through a highly advanced malware injection.”

As explained by the post-mortem report published by the firm at the time,

“The devices were compromised in such a way that the front-end of Safe {Wallet} (f.k.a. Gnosis Safe) displayed legitimate transaction data while poisoned transactions were signed and executed in the background.

This breach occurred during a routine multi-signature emissions adjustment process, which takes place periodically to adapt to market conditions and utilization rates.”

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The post Hacker Who Drained $53,000,000 From DeFi Project Hits 93.5% Gain on Loot Amid Ethereum Rally: Onchain Data appeared first on The Daily Hodl.

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