Weekly Crypto Hack Report: $50 Million Lost in Radiant Capital’s Latest Breach!

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Crypto security this week has been the definition of chaos as some of the industry’s leading players have been hit by major hacks.

Radiant Capital which has previously been attacked by hackers has been hit again with this second break resulting in the company losing $50 million. At the same time, a clever permit phishing scam stole close to $1.4 million in frog-themed tokens sending ripples through the PEPE and APU communities. 

Worse still, a DNS hijacking attack completely paralyzed the operations of Ambient Finance, as well as the experimental Ethereum-based platform called EigenLayer whose official X account was also hacked. Now let us take a closer look at what happened this week regarding crypto hacks.

Radiant Capital Hacked for $50 Million

Radiant Capital, a decentralized finance (DeFi) lending project, fell for its second hack in the current year and lost more than $50 million worth of multiple cryptocurrencies including USDC, wBNB, and ETH. The hacker compromised three out of eleven private keys that govern Radiant’s multi-signature wallet, which allowed the hacker to modify the smart contracts and embezzle money. 

This is a very big blow to the project, which was earlier hacked and exploited for $4.5 million in January because of an unaddressed vulnerability in Compound Finance’s code.

Phishing Attack on Pepe Tokens

In another attack, a phishing scam stole $1.39 million, mainly in cartoon-themed PEPE tokens. The attacker used the ‘‘Permit2’’ phishing method, making a holder sign a fake address that enabled the theft of PEPE and APU tokens. This gives an understanding of the risk associated with phishing within the cryptocurrency using the signature permission.

DNS Hijacking Aims for Ambient Finance

Decentralized exchange protocol Ambient Finance fell victim to a DNS hijacking attack. The hacker gained control of the domain and the protocol instructed its users to cease interacting with its frontend temporarily. It shows that, despite the efforts of various companies to create a suitable environment for cryptocurrency projects, web infrastructure is still weak.

Eigenlayer Phishing Warning

It was Ethereum’s re-staking protocol Eigenlayer’s X account that was hacked and used to post phishing links. The team has shared a warning with the users not to engage with the existing fake posts.

Such incidents are still evident in the crypto world to show that there is still room for improvement as a defensive mechanism to advance security in DeFi and blockchain solutions.