A recent hack on Radiant Capital, a decentralized finance (DeFi) platform, has resulted in the loss of nearly $52 million in crypto assets. The attacker, who gained control of the platform’s multi-signature wallet, has now transferred the stolen funds to Ethereum.
This move, which is a common tactic used by hackers to launder stolen crypto, makes it significantly more difficult to recover the funds. Despite efforts by Radiant Capital and law enforcement, it is unlikely that the stolen assets will be recovered.
The attack, which occurred on October 16, involved compromising Radiant Capital’s smart contracts and draining several trading pools. The attacker was able to obtain the private keys of three out of eleven signers, giving them the ability to upgrade the platform’s contracts and transfer ownership.
This is the second time Radiant Capital has been targeted by hackers this year. In January, the platform lost $4.5 million due to a vulnerability in its smart contract.
While Radiant Capital has taken steps to improve its security, the recent attack highlights the ongoing challenges faced by DeFi platforms in protecting their users from cybercrime.