Hackers Profit Big as ETH Price Surges: Millions Liquidated
Hackers Cash In on Ethereum's Rally
Ethereum's (ETH) recent surge to $4,780 has created a profitable exit strategy for several high-profile hackers. On-chain data indicates significant liquidation of stolen ETH, resulting in substantial gains.
Strategic Liquidations Unveiled
Data from X account EmberCN highlights three distinct cases where hackers capitalized on the rising ETH price.
Radiant Capital Exploit: A North Korean Connection?
The exploiter behind the Radiant Capital attack, allegedly linked to North Korea, initially drained approximately $53 million in assets. They converted a large portion into 21,957 ETH at around $2,414 per coin. This week, 9,631 ETH was sold for $44 million in stablecoins.
Currently, the exploiter still controls 12,326 ETH and the previously acquired stablecoins, totaling an estimated $101 million – a significant increase of roughly $48.3 million over the initial stolen amount.
Infini Exploit: Laundering and Profit Taking
Following the Infini exploit in February, the attacker siphoned off $49.5 million in USDC and subsequently purchased 17,696 ETH at $2,798 each.
The attacker laundered 5,000 ETH through Tornado Cash, and also sold 3,540 ETH for $13 million in stablecoins at an average of $3,762. Thanks to the ETH rally, their remaining holdings have increased in value by an additional $25.15 million.
THORChain and Chainflip Exploit: Re-Entry and Further Gains
An unidentified exploiter who targeted THORChain and Chainflip in March, initially stole 17,412 ETH, selling it for $33.9 million DAI at $1,947.
In June, the exploiter re-entered the market, buying 4,957 ETH at $2,495 before selling them early Friday for $22.13 million in stablecoins at $4,464, resulting in a profit of $9.76 million.
Rising Security Concerns
These incidents underscore the persistent security challenges within the cryptocurrency space. Investors have lost $3.1 billion in the first half of 2025 and $1.49 billion in 2024 due to hacks. As the value of cryptocurrencies rises, the incentive for malicious actors also increases.
Platforms like Codeum offer blockchain security audits and consulting services that can help protocols identify and mitigate vulnerabilities before they are exploited.