In a plot straight out of a cyber-thriller, Radiant Capital is on a mission to recover a staggering $50 million swiped in a cunning multi-signature wallet heist. And guess who's on the case? None other than the FBI, teaming up with Radiant to unravel this digital mystery.
The drama unfolded on October 16, when hackers slipped past Radiant Capital's defenses, making off with a cool $50 million of user funds. How did they pull it off? Picture this: the sneaky attacker used ultra-sophisticated malware to mess with transactions, cleverly disguising their foul play during a routine multi-signature process.
It kicked off when the cyber trickster managed to compromise the hard wallets of three key developers at Radiant. By injecting malware that looked just like the real deal, they fooled the developers into signing off on what they thought were standard procedures. Meanwhile, the malware was busy executing unauthorized transactions right under their noses.
Radiant stood by its team, saying they followed all the right steps, simulating each transaction for accuracy and reviewing every signature. Yet, despite these precautions, the malware remained invisible, sneaking through the system like a ghost.
In a crafty twist, the cybercriminals exploited common transaction hiccups, like those pesky gas price changes, to snatch private keys. They even made it look like business as usual while secretly gaining control of smart contracts and siphoning off millions in cryptocurrencies, including USDC, wBNB, and ETH.
While the exact loot ranges between $50 million and $58 million, Radiant sticks to the lower figure. They're now in a full-throttle collaboration with U.S. law enforcement, cybersecurity whizzes at SEAL911, and ZeroShadow to hunt down the stolen treasure.
In response to the caper, Radiant urged users to revoke approvals across all chains to prevent further mischief and has bolstered its security with fresh cold wallets and adjusted signing thresholds. They've also introduced a 72-hour delay for contract upgrades, giving the community a chance to scrutinize transactions before they go live.
But let's face it, even with these security boosts, the sophistication of this breach has left Radiant acknowledging that it might not have been enough to stop the attack.
As DeFi exploits become alarmingly frequent, Radiant's tale is a wake-up call. With over $120 million lost to hacks in September alone, according to PeckShield, and a jaw-dropping $440 million reported lost forever in the third quarter of 2024 by Hacken, it's clear the crypto world is facing a wild ride. Stay tuned for more updates as this gripping saga unfolds!
