Is $53M sell-off coming in? Radiant Capital hacker converts stolen stash

Binance-backed Radiant Capital fell victim to an over $50 million heist after attackers gained control of three private keys which altered smart contracts on Arbitrum and BSC networks. The hacker is now moving funds on-chain, infusing doubts of sell-off in the market.

The global crypto market which picked up a bullish pace at the beginning of this week looked a bit stagnant on Thursday. The cumulative digital assets market cap jumped marginally to stand at $2.32 trillion. The fear and greed index signals that the market has now entered into the “Greed” zone with 71 points.

Ether sell-off imminent?

As per the data shared by SpotOnChain, the Radiant hacker has managed to convert the stolen funds into some major native tokens. It mentioned that the exploiter moved and changed the funds into ETH and BNB across several wallets. However, the hackers’ addresses are identified as 0x0629b1048298ae9deff0f4100a31967fb3f98962, 0xcf47c058cc4818ce90f9315b478eb2f2d588cc78, 0x8b75e47976c3c500d0148463931717001f620887.

The hacker now holds 12,835 ETH (approx. worth $33.56 million) and 32,113 BNB (approx. worth $19.35 million). This move has triggered a sentiment of a possible sell-off ahead. Ether saw a bullish reversal recently after a long period of decline and a fresh disposition might disrupt its positive rally.

Ether price is still down by 23% in the past 90 days while it has gained 9% over the last 7 days. ETH is trading at an average price of $2,622, at press time.

Another hack for radiant

Radiant Capital witnessed its second major breach this year. Attackers gained control of three out of eleven private keys which allowed them to alter smart contracts on both the Arbitrum and Binance Smart Chain (BSC) networks.

The hackers exploited the transferFrom function, transferring cryptos like USDC, ETH, and BNB directly from user accounts. Meanwhile, Radiant halted its lending operations on both BNB Chain and Arbitrum to prevent further unauthorized transfers. They’re reportedly collaborating with SEAL911, Hypernative, ZeroShadow, and Chainalysis to resolve the issue.