Ethereum News Today: Hacker's ETH Trading Mastery Turns Theft into $95M Gain

The individual behind the October 2024 breach of decentralized lending protocol Radiant Capital has leveraged stolen Ethereum (ETH) assets to turn an initial $53 million theft into a $95 million portfolio through strategic trading. According to on-chain analysis and blockchain tracking data, the hacker exploited vulnerabilities in the protocol’s multisignature wallet via macOS-specific malware, siphoning assets from lending pools on BNB Chain and Arbitrum. The stolen assets, including WETH, WBTC, USDC, USDT, and ARB, were consolidated into ETH.

By capitalizing on Ethereum’s price movements, the attacker sold 9,631 ETH at an average price of $4,562 per coin, generating approximately $43.94 million in DAI. This activity coincided with Ethereum’s rally toward its previous all-time high near $5,000. Subsequently, the hacker repurchased 2,109.5 ETH for $8.64 million DAI at roughly $4,096 per coin during a price dip, effectively locking in profits by selling high and repurchasing at lower prices. As of now, the hacker controls approximately 17,000 ETH and $25.29 million in DAI, valued at around $96 million, representing a 56% increase from the initial theft and a gain of over $42 million.

Analysts note that the trader’s approach reflects a sophisticated understanding of market timing and liquidity, reducing exposure to volatility while capturing value from Ethereum’s upward trend. Blockchain analytics firm Lookonchain emphasized that the decision to retain most assets in ETH during the rally significantly contributed to the increased portfolio value. The Radiant Capital breach, attributed by some experts to North Korea-linked group AppleJeus, has raised concerns about the security of multi-chain DeFi protocols. Despite efforts by the protocol and security firms like Chainalysis and SEAL911 to track and recover the stolen funds, analysts believe the likelihood of retrieval remains low.

The incident marks the second major breach of Radiant Capital in 2024, following a smaller $4.5 million flash loan exploit earlier in the year. It underscores ongoing vulnerabilities in the DeFi ecosystem, particularly in protocols that manage large token reserves. As the attacker continues to manage and trade the stolen assets, the incident serves as a cautionary example of the risks associated with smart contract and wallet security.

Meanwhile, broader Ethereum market dynamics highlight the growing role of institutional and large-scale players in shaping price movements. An Ethereum whale recently opened a $16.35 million long position using 25x leverage, wagering on ETH’s ability to rebound above $4,000 and potentially reach $4,750. This move aligns with technical indicators suggesting support above the 20-day exponential moving average and a developing bullish wedge pattern on daily charts.

As Ethereum continues to attract interest from both retail and institutional investors, the interplay between on-chain activity and macroeconomic factors will remain a focal point for market analysts and investors. The Radiant Capital case, in particular, illustrates how stolen assets can be turned into substantial returns through strategic trading, highlighting the complex interplay between cybercrime, market dynamics, and blockchain analytics in the evolving crypto landscape.

Source:

[1] Radiant Capital hacker turns $53M theft into $95 million through savvy Ethereum trading (https://cryptoslate.com/insights/radiant-capital-hacker-turns-53m-theft-into-95-million-through-savvy-ethereum-trading/)

[2] Radiant Capital hacker doubles $53M stash via ETH trading (https://crypto.news/radiant-capital-hacker-doubles-funds-eth-trading-2025/)

[3] Ethereum whale opens $16.3M long as ETH price eyes bounce (https://cointelegraph.com/news/ethereum-whale-opens-16-3m-long-as-eth-price-eyes-bounce)

[4] Ethereum's Big Backers Unleash Billions to Push Into Wall Street (https://finance.yahoo.com/news/ethereum-big-backers-unleash-billions-130704758.html)