Ethereum News Today: ETH price surge boosts stolen crypto value for hacker groups by $97.2 million

Recently, an unexpected windfall has been realized by several hacker groups due to the significant appreciation in the price of Ethereum (ETH) over recent months. Among them, the hacker associated with the 2021 Radiant Capital exploit has seen a notable increase in the value of the stolen assets, leading to an additional $48.3 million in gains [1].

The Radiant Capital hacker initially stole around $53 million worth of assets in October 2021, which were converted into 21,957 ETH at a price of $2,414 per token. Over the past few days, the hacker has begun selling off portions of the ETH holdings, having sold 9,631 ETH for 43.937 million DAI at an average price of $4,562. As of now, the hacker retains 12,326 ETH and 43.937 million DAI, with the total portfolio valued at approximately $101 million—nearly double the original stolen value [1].

Another notable case is the Infini hacker, who had stolen about 49.5 million USDC in February and converted it into 17,696 ETH at a price of $2,798. The hacker has since sold 3,540 ETH for 13.318 million DAI at an average price of $3,762, generating an additional $25.15 million in value from the price appreciation of ETH [1].

Additionally, an unidentified hacker who had received 17,412 ETH from platforms such as THORChain and Chainflip at the end of March exchanged it for 33.9 million DAI at a price of $1,947. Later in June, they used 12.368 million DAI to purchase 4,957 ETH at $2,495. Early this morning, the hacker sold those ETH at a price of $4,464, converting them back into 22.127 million DAI and earning an additional $9.76 million [1].

These cases highlight how the volatility and price appreciation of ETH have inadvertently benefited individuals who have illicitly obtained the cryptocurrency. As the price of ETH continues to rise, so does the market value of stolen assets, turning what was once a criminal act into an unexpectedly profitable investment, at least for those who manage to avoid detection and legal consequences.

The events underscore the ongoing risks associated with crypto asset security and the unpredictable nature of digital currency markets, where gains from theft can be compounded by price movements. With ETH continuing to be a high-value asset, it remains to be seen whether more hackers will attempt to profit from market fluctuations, adding another layer of complexity to the already volatile crypto landscape.

Source: [1] Recently, three hacker groups have profited additionally due to the ETH price surge. The Radiant Capital hackers have stolen assets that have appreciated by an additional $48.3 million. (https://www.theblockbeats.info/en/flash/307618)