Analysis of blockchain activity reveals that the individual responsible for the Radiant Capital security breach last year has significantly increased their holdings of stolen assets. Through strategic trading of Ethereum, the hacker’s funds now total almost $95 million, according to reports from on-chain observers.
Back in October of 2024, the decentralized finance (DeFi) lending platform Radiant Capital experienced a security incident affecting both the BNB Chain and Arbitrum networks, which led to the unauthorized removal of over $50 million in digital currencies.
Reports indicate that the attacker gained unauthorized entry to the hardware wallets belonging to a number of developers, granting control over various crypto assets like WETH, WBTC, USDC, USDT, and Arbitrum tokens. Eventually, these assets were all converted into Ethereum.
On August 20th, crypto analyst EmberCN reported on social media that the hacker commenced the liquidation of a portion of the stolen Ethereum in the preceding week.
The individual sold 9,631 ETH at an average transaction price of $4,562 per unit, resulting in approximately $43.94 million in DAI. This activity occurred concurrently with Ethereum’s notable price surge, as it approached its prior peak valuation near $5,000.
The cybercriminal is also seemingly taking advantage of the recent dips in the price of Ethereum to rebuild their holdings.
Over the last 24 hours, the hacker has purchased 2,109.5 ETH at a cost of $8.64 million DAI, with an average price of approximately $4,096 for each Ether.
The hacker successfully secured gains by selling at inflated prices and reinvesting at lower prices, while simultaneously mitigating potential market volatility.
Currently, the attacker controls approximately 17,000 ETH and $25.29 million DAI, which totals around $96 million in value, based on information from Arkham Intelligence data.
This reflects a 56% surge relative to the initial theft amount of $53 million, representing a profit exceeding $42 million.