The Radiant Capital hacker has doubled the stolen assets. He bought ETH on the recent dip when it reached around $4060 with a well-executed swing trading plan. The trades have been tremendously successful with a 105% portfolio increase.
Last ETH Trade Gave Around $2.76M in Profit
Last time, the hacker made $2.76 million on a swing transaction.
The cybercriminal first acquired 4,913 ETH with a value of 20.47 million dollars at $4,168 per token three days ago, which indicates that the cybercriminal knows how to properly time the markets.
As the Ethereum price rose over the last five hours by 15.3 percent, the hacker strategically sold 4131 ETH tokens at the price of $4726 per token ($19.5 million in total).
The latest trade shows the hacker’s expertise in cryptocurrency markets and ability to maximize stolen funds.
Pattern of Strategic Market Timing
In the case of Ethereum, the hacker was active three days ago and was also found to be a skilled trader because he made a purchase order during a price decrease, which means that he was aware of market timing as well.
He managed to buy 2,109.54 ETH at a total cost of 8.64 million DAI at 4,096 dollars per Edocurrency, which translates to earning them before the rebound of the price.
Growing Concerns Over Unpunished Crypto Crimes Like the Radiant Capital Hack
The fact that the hacker is able to further increase his wealth demonstrates that the existing cryptocurrency tracking and recovery systems are inefficient.
Law enforcement agencies have not been able to recover or reclaim the funds, despite the transparent nature of blockchain transactions.
The Radiant Capital hack is not the first high-profile cryptocurrency theft in which the attackers have managed to escape unpunished and continue to actively use their stolen crypto.
The skill of the hacker who managed to convert the 5 million stolen dollars from Radiant Capital into more than 10 million through trading is an indication of the constraints the security firms as well as the regulators, face when dealing with the decentralized finance sector.
This case demonstrates the need to employ more security-enhancing measures to prevent sophisticated attacks on cryptocurrencies and safeguard investor cash in the rapidly developing crypto industry.
Source: https://blockchainreporter.net/radiant-capital-hacker-doubles-stolen-assets-49-5m-to-105m-with-strategic-eth-trading/
