Radiant Capital Hacker Moved $52M in Stolen ETH from Arbitrum and BNB Chain.
An alarming transfer of large funds raises speculations in the crypto space. Radiant losses over $50 million in similar breach.
Radiant Capital hacker successfully bridged approximately 20,500 ETH, worth around $52 million, from Arbitrum and BNB Chain to Ethereum. PeckShield, a blockchain security company, has issued a crucial alert regarding the Radiant Capital exploiter.
The significant transfer of stolen funds has raised alarms within the crypto community emphasizing ongoing concerns about security in decentralized finance (DeFi).
Following the exploit, described as one of the most substantial breaches in recent memory, Peckshield detailed how the labeled addresses associated with the exploiter have been actively bridging funds.
Experts expressed concerns as they highlighted the urgent need for enhanced security protocols in DeFi as a response to the swift movement of these assets.
Certainly, the illicit transfer of these funds demonstrates the rapidity with which hackers can act in the crypto space.
Moreover, the exploit itself drew significant attention as it unfolded, with many community members expressing their concerns over the vulnerabilities present in the DeFi ecosystems. The ability to move such a large amount of stolen cryptocurrency points out platforms’ ongoing challenges in securing user assets.
Radiant Capital Breach Recounts
Radiant recently suffered a private key compromise, resulting in an ongoing attack that drained over $50 million in user assets.
Experts believe the attackers accessed Radiant Capital’s contracts by controlling three of the eleven private keys needed to upgrade the protocol. They reportedly used a ‘transferFrom’ function to move tokens directly from user accounts.
In response to the incident, Radiant Capital temporarily suspended lending operations and engaged cybersecurity firms like Chainalysis and Hypernative to investigate and recover the stolen assets.
Despite the assurances of upcoming updates from the developers, user concerns about asset security continue to loom large. Overall, these and many other incidents highlight the pressing need for robust security, clear communication, and effective measures to address these concerns, ensuring that users feel confident in the protection of their assets.
