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.”

Generated Image: Midjourney