Ethereum News Today: Hacker's Heist Turns Into Windfall as ETH Price Surge Boosts Stolen Funds

A hacker who exploited the decentralized finance (DeFi) protocol Radiant Capital in October 2024 has seen the value of the stolen funds nearly double due to the significant rise in Ethereum (ETH) prices. The breach, which initially resulted in the theft of $58 million, saw the perpetrator convert the stolen assets into ETH, accumulating a total of 21,957 ETH at the time of the exploit. As of the latest market data, the hacker now holds approximately $103 million in ETH, leveraging the cryptocurrency's price surge from around $2,300 in October 2024 to over $4,700 as of mid-August 2025 [1].

The hacker partially liquidated their holdings, selling 9,631 ETH for approximately $43.94 million in stablecoins. The remaining 12,326 ETH is valued at around $58.6 million, bringing the total value of the stolen assets to approximately $102.54 million, representing a $49.5 million profit or a 48.5% gain [2]. Analysts from blockchain forensics firm AMLBot noted that this profit is likely an unintended consequence of the hacker’s evasion techniques rather than a deliberate market-timing strategy. They explained that attackers often convert stolen assets into ETH or Bitcoin (BTC) for liquidity and operational security reasons [1].

Ethereum’s price surge can be attributed to several factors, including the launch of U.S. spot ETH exchange-traded funds (ETFs) in late July 2024, which have seen a total net dollar inflow of $12.12 billion. These ETFs have facilitated large-scale accumulation of ETH, reducing the amount of the cryptocurrency on exchanges. Additionally, a significant portion of Ether is now staked, with the supply of staked ETH reaching an all-time high of over 36 million as of recent data [1].

Regulatory developments have also played a role in ETH’s upward trajectory. The U.S. Securities and Exchange Commission (SEC) dropped its investigation into whether ETH is a security in June 2024, signaling a shift in regulatory tone. This decision indicated that the agency was not confident in its ability to convince a court that ETH met the criteria for a security, according to legal expert Carol Goforth [1].

Ethereum’s ecosystem has also seen significant growth. The Dencun upgrade, introduced in early 2025, included Ethereum Improvement Proposal (EIP) 4844, which improved network scalability and layer-2 support. The growth of layer-2 solutions has been substantial, with Ethereum layer-2 protocols processing up to 13.88 million transactions in a single day, contributing to the network's overall efficiency and adoption [1].

The Radiant Capital hack is part of a broader pattern of security vulnerabilities in the crypto space. Over the past 18 months, attacks have caused losses totaling $3.1 billion in 2025 and $1.49 billion in 2024. The October 2024 breach was the second significant hack against Radiant Capital, following a $4.5 million loss in January 2024 due to a smart contract flaw. Web3 security firms have identified the Radiant Capital breach as part of a sophisticated social engineering campaign involving the impersonation of a trusted former contractor and the use of a macOS backdoor malware [2].

The surge in ETH prices has also benefited other hackers, such as those involved in the Infini and THORChain exploits. These attackers have similarly liquidated parts of their stolen assets, capitalizing on the increased value of ETH. The Infini hacker, for example, stole $49.5 million in USDC in February 2025 and converted it into 17,696 ETH. The attacker has since sold 3,540 ETH for $13.318 million in stablecoins, further enhancing their profit [4].

Source: [1] ETH rally turns Radiant Capital exploit into $103M trade (https://cointelegraph.com/news/the-53m-hacked-away-from-radiant-capital-become-102-5m-with-ether-rising) [2] Radiant Capital Hacker Doubles Stolen Funds With 93.5%... (https://cryptopotato.com/radiant-capital-hacker-doubles-stolen-funds-with-93-5-gain-in-eth/) [3] ETH pullback exposes retail panic vs. institutional hoarding (https://www.mitrade.com/au/insights/news/live-news/article-3-1045252-20250816) [4] Hackers Cash Out Big as ETH Surge Inflates Stolen Assets'... (https://crypto-economy.com/hackers-cash-out-big-as-eth-surge-inflates-stolen-assets-value/)