Hacker Radiant Capital Transfers IDR 813 Billion Crypto Curian To Ethereum

Hacker Radiant Capital moved Rp813 billion stolen cryptocurrencies to Ethereum (Photo; Doc. Newsbit)

JAKARTA - Hackers attacking Radiant Capital have reportedly transferred nearly all stolen crypto assets, worth around IDR 813 billion (approximately 52 million US Dollars), to the Ethereum network. The incident raises concerns about the ability of the DeFi platform to protect user assets and strengthen existing vulnerabilities in the system.

Reporting from Crypto Potato, PeckShild, on October 24, revealed that hackers managed to remove about 20,500 ETH tokens from the Arbitrum and Binance's BNB Chain networks to Ethereum. This attack not only harmed Radiant Capital, but also rocked investor confidence in the fast-growing decentralized finance (DeFi) sector.

This attack was first detected by Ancilia Inc., a blockchain security firm. Radiant Capital initially lost around IDR 281 billion (about 18 million US Dollars) from their liquidity on the Binance network. Hackers then expanded attacks on DeFi pools in Arbitrum, exacerbating losses.

The perpetrators managed to control a multi-signature wallet that secured Radiant funds by controlling the private key of three of the eleven signatories, allowing them to renew their platform contracts and transfer ownership.

This incident is not the first time, in January, Radiant Capital was also a victim of a hack that resulted in a loss of around Rp. 70 billion (about 4.5 million US Dollars). Since then, Radiant has collaborated with US law enforcement, including the FBI, as well as cybersecurity companies such as SEAL911 and ZeroShadow to recover lost funds.

However, hackers' move funds to Ethereum adds to recovery difficulties. Radiant admits that the hacking techniques used are highly sophisticated and may not be overcome by new security measures.

The transfer of stolen funds to Ethereum is often the last step before washing money through crypto mixers such as Tornado Cash. This situation reminds WazirX of the famous hack, where hackers moved stolen goods of IDR 3.6 trillion (approximately USD 235 million) in several stages since July.