The actor behind last year’s Radiant Capital breach has grown their stolen funds to almost $95 million by strategically trading Ethereum, according to blockchain tracking and on-chain analysts.
In October 2024, decentralized lending protocol Radiant Capital suffered a cyberattack across BNB Chain and Arbitrum, resulting in over $50 million in stolen assets.
The hacker reportedly compromised the hardware wallets of multiple developers, gaining control of WETH, WBTC, USDC, USDT, and Arbitrum tokens. These assets were eventually consolidated into Ethereum.
On Aug. 20, blockchain analyst EmberCN reported that the attacker began liquidating part of the stolen Ethereum last week.
They sold 9,631 ETH at an average price of $4,562 per coin, generating approximately $43.94 million DAI. This move coincided with ETH’s strong rally towards its previous all-time high near $5,000.
However, the hacker also appears to be exploiting ETH’s recent dip to replenish its holdings.
During the past day, the attacker repurchased 2,109.5 ETH for $8.64 million DAI at roughly $4,096 per coin.
The actor effectively locked in profits by selling high and buying back at lower prices while reducing exposure to market fluctuations.
As a result, the hacker now controls around 17,000 ETH and $25.29 million DAI, with a combined value of around $96 million, according to Arkham Intelligence data.
This represents a 56% increase over the initial $53 million theft, translating to a gain of more $42 million.
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