Ethereum News Today: Hacker Uses ETH Volatility to Turn Stolen Funds into Near Double

The hacker behind the $53 million exploit of decentralized finance protocol Radiant Capital in October 2024 has nearly doubled the value of the stolen funds to $94.63 million through strategic Ethereum (ETH) trading. According to on-chain analysis from EmberCN and blockchain intelligence platforms, the attacker initially converted the stolen tokens into 21,957 ETH, valued at approximately $53 million at the time. Rather than liquidating the holdings, the hacker opted to retain ETH as its price increased, capitalizing on its recent price appreciation. Recent trading activity has further amplified the gains. The attacker sold 9,631 ETH at an average price of $4,562, generating approximately $43.94 million in DAI, only to repurchase 2,109.5 ETH at $4,096 per coin during a price dip. This move allowed the hacker to lock in profits while reducing exposure to market volatility. The current portfolio now holds 14,436 ETH and 35.29 million DAI, representing a gain of over $41 million on the initial stolen funds [1].

The October 2024 breach of Radiant Capital exploited the protocol’s multisignature wallet through a macOS-specific malware known as INLETDRIFT, which compromised the core team’s private keys. This allowed the attacker to siphon tokens from lending pools on Arbitrum and the BNB Chain. The attack is attributed by some security experts to the North Korea-linked hacking group AppleJeus, known for targeting exchanges and DeFi protocols. Despite efforts by Radiant Capital to collaborate with the FBI, Chainalysis, and Web3 security firms like SEAL911 and ZeroShadow, the likelihood of recovering the funds remains low due to the complexity of Ethereum-based transactions and the speed at which the hacker has moved the assets [1].

The incident has highlighted ongoing vulnerabilities in the DeFi space, particularly in the management of multi-signature wallets. This is the second major breach of Radiant Capital in 2024, following an earlier $4.5 million flash loan exploit earlier that year. Analysts have noted that the DeFi sector continues to face significant security risks, with over $10 billion lost to cyberattacks in 2025 alone. The Radiant Capital case underscores the need for enhanced wallet security and multi-layered defense strategies to mitigate the risk of sophisticated exploits [1].

The hacker’s actions have also drawn attention to the broader Ethereum ecosystem and its role in facilitating both illicit and legitimate financial activity. The attacker’s ability to profit from market fluctuations demonstrates the deep liquidity and accessibility of the Ethereum network, which has enabled the hacker to execute high-level trading strategies without detection. Analysts suggest that the attacker’s next moves will be closely monitored by both the cryptocurrency community and security researchers, as any further asset movements could impact Ethereum’s price dynamics [2].

In parallel, Ethereum has seen increased institutional adoption, with corporate entities like BitMine Immersion Technologies amassing large Ethereum treasuries. BitMine, led by former Bitcoin miner and strategist Tom Lee, has positioned itself as one of the top holders of ETH, accumulating over 1.174 million ETH valued at nearly $5.26 billion. Lee argues that Ethereum’s utility—through smart contracts, staking rewards, and scaling solutions—positions it as a more versatile asset than Bitcoin. This sentiment is echoed by growing ETF inflows and increasing interest from institutional investors. As Ethereum ETFs continue to draw inflows, the asset’s role in shaping the future of finance remains under intense scrutiny [4].

Source:

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

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

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

[4] Tom Lee's $5 Billion Ethereum Bet Puts Bitcoin Maximalists ... (https://finance.yahoo.com/news/tom-lees-5-billion-ethereum-114604680.html)

[5] Ethereum ETFs Lose $197 Million—Even Worse Than Bitcoin ... (https://finance.yahoo.com/news/ethereum-etfs-lose-197-million-152531921.html)

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