RadiantCapitalexploitmoved$52MtoEthereum,targetingArbitrumandBNBChain.
Post-exploit,Radiant’stotalvaluelockedplummetedby66%.
HackersusedmalwaretocontrolRadiant’smultisigwallet,draining$50M.
OnOctober16,thecross-chaindecentralizedlendingplatformRadiantCapitalbecamethetargetofalarge-scalecyberattack.Theattackers’exploitledtoanestimated$50milliontheftthroughamalwareattackonArbitrumoperationsonthechain.
Theattackersperformedawell-orchestratedattackbyensuringthatthreecoreEthereumdeveloperslostcontroloftheirhardwarewallets.Thus,theytookcontroloftheRadiantCapitalmulti-signaturewalletbeforeprocessingfraudulenttransactions.
PeckShieldTracksStolenFundsAcrossNetworks
BlockchainsecurityfirmPeckShieldhasbeencloselymonitoringthemovementsofthestolenfunds.OnOctober24,theyreportedasubstantialtransferofnearlyalltheillicitgainsfromlayer-2networkssuchasArbitrumandtheBinanceBNBChaintotheEthereumnetwork.
#PeckShieldAlert#RadiantCapitalExploiter-labeledaddresseshavebridgednearlyallstolenfundsfrom#Arbitrumand#BNBChainto#Ethereum,totaling~20.5K$ETH(worth~$52M).pic.twitter.com/JquCL84hZl
—PeckShieldAlert(@PeckShieldAlert)October24,2024
Thisshiftinvolvedapproximately20,500Ether,valuedataround$52million.ThechoiceofEthereumisstrategic,providingthehackerswithmoreoptionstoobscuretheoriginofthefundsthroughmixingservicesordecentralizedexchanges,acommonpracticeobservedinothernotableDeFiexploitsthisyear.
UrgentMeasuresandWarningsIssued
Inresponsetotheincident,RadiantCapitalhastakenimmediatestepstomitigatefurtherrisks.Theplatformhastemporarilyhaltedlendingmarketsandissuedurgentadvisoriestoitsuserstorevokepermissionstoaffectedintelligentcontractstopreventadditionalunauthorizedwithdrawals.
Theseinstructionswereemphasizedthroughitscommunicationsonvariousplatforms,includinganOctober23directiveurginguserstouserevokecashtosafeguardtheirassets.
Moreover,theDeFiproviderremainscommittedtorectifyingthehack’saftermath.Collaboratingwithlawenforcementandcybersecurityexperts,RadiantCapitalisfocusedontracingandpotentiallyfreezingthetransferredfundstopreventfurtherdispersionthroughcryptomixersorexchanges.ThisincidenthashighlightedthecriticalneedforenhancedsecuritymeasuresandvigilantoperationalpracticeswithintheDeFisector.
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