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💰 Ether Rally Turns Radiant Capital Exploit into $103M Windfall for Hacker 🚀
The crypto market’s surging Ether prices have dramatically boosted the ill-gotten gains of a hacker who exploited DeFi protocol Radiant Capital in October 2024. What began as a $58 million theft is now worth over $103 million — thanks to ETH’s near-doubling in value.
$ETH $BTC
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📌 Key Points You Need to Know
🔹 From $58M to $103M – The Radiant Capital exploit in October 2024 initially netted the attacker $58M. Today, those stolen 21,957 ETH are valued at approximately $103M, as ETH trades above $4,700.
🔹 Not a Strategic Investment – Blockchain forensics firm AMLBot suggests the windfall was likely unplanned. The hacker’s move to hold ETH was probably for operational security and liquidity, not market timing.
🔹 Why ETH? – Attackers often convert stolen funds into BTC or ETH due to high liquidity, cross-chain compatibility, and reduced token freeze risks.
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📊 Why Ether’s Price Has Soared Since the Exploit
✅ US Spot Ether ETFs – Since launching in July 2024, Ether ETFs have attracted over $12.12B in net inflows, fueling institutional accumulation.
✅ Supply Squeeze – Staked ETH has reached a record 36M+ coins, reducing circulating supply and adding bullish pressure.
✅ Corporate Holdings – Companies are collectively holding over $100B in ETH, showing long-term confidence.
✅ Regulatory Boost – The SEC dropped its investigation into ETH’s security status in June 2024, removing a major uncertainty.
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⚙ Ethereum Ecosystem Growth
💡 Dencun Upgrade – Introduced EIP-4844 with danksharding and proto-danksharding, massively improving scalability and Layer-2 efficiency.
💡 Layer-2 Expansion – Daily transactions on Ethereum Layer-2 networks recently hit 13.88M, with peaks surpassing 16M.
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📈 The Bigger Picture
While this hacker’s profit may have been accidental, it highlights ETH’s remarkable growth and the expanding strength of its ecosystem. The combination of institutional inflows, shrinking supply, and technological upgrades continues to position Ethereum as one of the most influential forces in the digital asset space.
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#Gate Releases August Reserves Report# #BTC Hits New ATH# #Show My Alpha Points#