$58M Exploit Turns Into a Nine-Figure Windfall
The hacker behind the October 2024 Radiant Capital exploit has seen their stolen funds almost double in value, thanks to Ethereum’s meteoric price rally.
Blockchain data from Lookonchain shows the attacker now holds 21,957 ETH — worth about $103 million at current prices — up from an estimated $58 million at the time of the breach. Back in mid-October 2024, ETH was trading around $2,300. As of Thursday, it’s hovering above $4,700, just shy of its all-time high.
The exploit targeted Radiant Capital’s cross-chain lending protocol on BNB Chain and Arbitrum, marking one of the largest DeFi breaches of 2024. Following the theft, the attacker quickly swapped the stolen assets into Ether.
Analysts: Not a Deliberate Market Bet
According to blockchain forensics firm AMLBot, the massive profit likely wasn’t the result of savvy investment timing. Instead, the decision to convert to ETH was probably driven by operational security and liquidity needs.
Attackers often move stolen funds into Bitcoin or Ether because these assets:
- Are harder to freeze compared to stablecoins or smaller tokens.
- Have deep liquidity and robust infrastructure for cross-chain transfers.
“Given these patterns, it’s more plausible that the ETH holdings simply benefited from broader market growth rather than being the result of a conscious investment bet,” AMLBot investigators said.
Why Ether’s Price Keeps Rising
Ether’s rally is supported by a combination of institutional inflows, reduced exchange supply, and long-term staking trends.
- U.S. spot Ether ETFs, launched in late July 2024, have attracted $12.12 billion in net inflows to date, according to CoinGlass.
- Staked ETH supply hit a record high of over 36 million ETH, removing a significant portion of tokens from circulation.
- Corporate treasuries are also holding large reserves, with recent reports estimating over $100 billion worth of ETH in company wallets.
With Ether’s supply tightening and demand from ETFs accelerating, analysts believe upward pressure could persist — inadvertently rewarding even those holding ETH for entirely different reasons.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.