Last year, hackers who stole $53 million (approximately 380 million RMB) from Radiant Capital nearly doubled the value of the stolen funds to $94 million through precise Ethereum trading strategies.
According to on-chain analyst EmberCN's post on X on August 19, 2025, the hacker previously sold 9,631 ETH at an average price of $4,562, exchanging it for approximately 43.9 million DAI; then, when the price fell to $4,096, they repurchased 2,109.5 ETH for about 8.64 million DAI. The wallet currently holds 14,436 ETH and approximately 35.29 million DAI, with a combined value of about $94.63 million. This represents an increase of over $41 million from the initial value of the stolen funds. Blockchain analysis firm Lookonchain pointed out that the decision to keep most of the assets in ETH during the price increase was the main reason for the significant increase in balance.
From $53 million stolen to $94.63 million in assets
In October 2024, the cross-chain decentralized finance protocol Radiant Capital experienced one of the most destructive attacks of the year. The attacker infiltrated its core team's multi-signature wallet using a specific malware for macOS called INLETDRIFT, extracting funds from the lending pools on Arbitrum (ARB) and BNB Chain.
At that time, the stolen assets were quickly converted into 21,957 ETH; with Ethereum's price nearing $2,500, this batch of ETH was valued at approximately $53 million. The hacker did not immediately liquidate these holdings but chose to hold them as the price of ETH rose. In recent weeks, the attacker has conducted several trades to increase exposure, thereby expanding the asset scale.
Attribution and Ongoing Risks of the Radiant Capital Attack
Some blockchain security experts have linked this attack to the AppleJeus organization, known for targeting exchanges and DeFi protocols and associated with North Korea. After the incident, Radiant Capital collaborated with the FBI, Chainalysis, and Web3 security companies such as SEAL911 and ZeroShadow, but the prospects of recovery remain bleak as the funds continue to flow through trading activities within the Ethereum ecosystem.
This October incident was the second major breach Radiant faced in 2024, following a smaller flash loan attack earlier that year, which amounted to about $4.5 million. Such incidents highlight the ongoing security risks present in DeFi, which has suffered significant financial losses since 2025.
Currently, the funds controlled by the attacker exceed $94 million, and analysts and security teams will closely monitor their next moves.
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