Ethereum News Today: Why the Hacker Is Turning Stolen Crypto Into a Long-Term Play

The hacker behind the 2023 exploit of decentralized finance (DeFi) platform Radiant Capital has continued to move its stolen assets, recently purchasing 2,109.5 ETH using 8.64 million DAI. This transaction, which occurred at an average price of $4,096 per ETH, brings the hacker’s total holdings to 14,436 ETH and 35.29 million DAI, with a combined value of approximately $94.63 million. The recent ETH purchase appears to be a strategic move to capitalize on lower prices during a market pullback, as the hacker has previously engaged in similar activity to cover short-term exposure.

According to crypto analyst Ember, the hacker sold 9,631 ETH last week at an average price of $4,562, generating 43.937 million DAI in the process. This indicates a calculated approach to liquidity management and risk mitigation. The recent buyback aligns with a broader pattern of activity aimed at stabilizing the hacker’s portfolio amid the volatile crypto market environment. The total value of the hacker’s holdings has increased by around $41.63 million compared to the initial stolen amount of $53 million.

The ongoing management of these assets underscores the sophistication of the hacker’s strategy, which includes both short-term trading and long-term value preservation. Analysts note that such behavior is not uncommon among large holders of crypto assets who seek to hedge against market swings. The purchase of ETH at a lower price during a pullback suggests the hacker is taking a contrarian approach to market timing, leveraging the fluctuating value of Ethereum to its advantage.

The Radiant Capital hack, which occurred in early 2023, is one of the more notable exploits in the DeFi space. At the time, the hacker made off with approximately $53 million in digital assets. Since then, the individual has been actively managing these assets, with the aim of maximizing their long-term value. This latest transaction is another step in what appears to be a well-planned effort to convert stolen assets into more stable and appreciating forms of value.

The broader DeFi ecosystem continues to grapple with security threats, with several high-profile hacks occurring over the past year. While Radiant Capital has taken steps to recover some of the stolen assets and enhance its security protocols, the incident highlights the ongoing vulnerabilities within DeFi platforms. Analysts stress the importance of robust security measures and proactive risk management in the fast-moving crypto space.

Source: [1] title1 (https://www.panewslab.com/en/articles/d980cd63-c0eb-49b6-bcaa-dc80988018d6) [2] title2 (https://www.odaily.news/en/newsflash/444087)