Radiant Hack: Stolen $53M Doubled via ETH Swing Trading
In October 2024, the Radiant Capital hacker exploited a DeFi protocol to steal $53 million. The attacker converted the assets into about 21,900 ETH at an average price of $2,420. Instead of immediate liquidation, the hacker used ETH swing trading to amplify returns. On-chain analysis revealed a purchase of 4,914 ETH at $4,167 followed by a sale of 3,931 ETH at $4,726 on August 23, 2025. By leveraging ETH swing trading, illicit funds grew to an estimated $104 million. Current holdings include 13,300 ETH and 42.03 million DAI. This incident underscores persistent DeFi security gaps and shows the sophistication of modern exploits. It also highlights the growing role of on-chain forensics in tracking fund flows. DeFi protocols must strengthen smart contract audits, and traders should monitor on-chain signals to gauge ripple effects on market sentiment.
Neutral
The news is likely neutral for overall market sentiment. While the Radiant Capital hacker’s ETH swing trading demonstrates sophisticated exploitation and may temporarily increase selling pressure, the volume of roughly 21,900 ETH is modest relative to daily market turnover. Similar past incidents, like the Poly Network hack, caused short‐lived price dips but did not derail long‐term growth. Instead, such events often prompt protocol upgrades and stronger security measures. In the short term, traders may react to on‐chain alerts and DeFi exploit reports, causing minor volatility. In the long term, reinforced smart contract audits and forensic tools will bolster confidence, offsetting negative sentiment. Consequently, the market impact remains balanced, with risks driving innovation rather than persistent downturns.