$58M Exploit Turns Into $103M Trove
Decentralized finance protocol Radiant Capital was hacked in mid-October 2024 when attackers drained $58 million from its cross-chain lending protocol on BNB Chain and Arbitrum. Blockchain data now shows that the stolen funds, converted into Ether, are worth about $103 million.
The exploiter holds 21,957 ETH, according to Lookonchain, after Ether climbed from roughly $2,300 in October 2024 to above $4,700 this week.
Analysts Say Gains Were Accidental
Investigators at blockchain forensics firm AMLBot noted that the hacker’s windfall was not a strategic investment. Instead, they said swapping to ETH was likely motivated by liquidity and security. Attackers often use Ether or Bitcoin to reduce the risk of token freezes and to move funds more easily across networks.
Drivers Behind Ether’s Price Rally
Ether’s rally since the exploit has been supported by multiple factors:
- US spot ETH ETFs launched in July 2024, bringing in over $12 billion in net inflows.
- The supply of staked ETH hit a record 36 million, locking tokens out of circulation.
- Corporates now hold more than $100 billion worth of ETH.
- Regulatory tone shifted when the SEC dropped its probe into whether ETH is a security in June 2024.
Ethereum Upgrades and Ecosystem Growth
Ethereum’s Dencun upgrade, which introduced proto-danksharding, boosted scalability and layer-2 adoption. Daily transactions on Ethereum’s layer-2 networks surged, hitting nearly 13.9 million this week, according to GrowThePie.
From Exploit to Windfall
What began as a $58 million theft has nearly doubled in value thanks to Ether’s appreciation. While the attacker now holds a $103 million trove, analysts emphasize the gains are a byproduct of crypto market momentum rather than intentional trading strategy.
