The recent surge in Ether (ETH) value, reaching $4,780, has proven lucrative for several notorious hackers. They’ve been quick to take advantage of the price jump, selling off their illegally obtained ETH for substantial profits.
Data from blockchain activity, tracked by the X (formerly Twitter) account EmberCN, reveals at least three instances of hackers strategically converting their ETH holdings into cash, accumulating tens of millions of dollars in the process.
One notable case involves the individual or group behind the Radiant Capital exploit. Radiant Capital has attributed the $53 million attack in October to North Korean actors. The perpetrators converted a significant portion of their stolen funds into 21,957 ETH, acquired at an average price of $2,414 per ETH. This week, they sold 9,631 ETH, receiving $44 million worth of stablecoins in return.
The Radiant Capital exploiter still holds 12,326 ETH, in addition to the previously mentioned stablecoin proceeds, for a combined valuation of $101 million. This represents a profit of approximately $48.3 million over the initial value of the stolen digital assets.
A similar pattern unfolded after the Infini exploit in February. The attacker successfully extracted $49.5 million in USDC and then used those funds to purchase 17,696 ETH at a price of $2,798 per ETH.
The Infini exploiter then laundered 5,000 ETH using the privacy tool Tornado Cash. They further divested 3,540 ETH for $13 million in stablecoins, at an average selling price of $3,762. The recent ETH price increase has further inflated the value of their remaining ETH holdings, generating an additional $25.15 million profit on top of the original stolen funds.
A third, as yet unidentified, exploiter was responsible for the theft of 17,412 ETH from THORChain and Chainflip in March. They promptly sold these holdings for $33.9 million DAI at a rate of $1,947 per ETH.
In June, this same individual re-entered the ETH market, purchasing 4,957 ETH at $2,495 each. On Friday, they sold this ETH for $22.13 million worth of stablecoins at $4,464, generating a $9.76 million profit in the transaction.
These three hacks highlight the growing problem of cryptocurrency theft. Investors have lost $3.1 billion to Web3-related hacks during the first half of 2025. 2024 saw $1.49 billion drained from crypto projects due to exploits.