Radiant

Radiant Capital

Million

Cyber

Security

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/radiant-capital-collaborates-with-fbi-to-trace-50-million-stolen-in-cyber-attack/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Radiant Capital Collaborates with FBI to Trace $50 Million Stolen in Cyber Attack</a> 
Radiant Capital is working with the FBI and U.S. security forces to trace the $50 million stolen during a sophisticated cyberattack on October 16, 2024. The attack was executed using advanced malware injections targeting developers’ hardware wallets, resulting in unauthorized fund transfers.
<h2 style="text-align: justify" id="attack-method-and-steps-to-recover-stolen-funds">Attack Method and Steps to Recover Stolen Funds</h2>
The report indicates that the attackers employed a complex software injection to seize control of three main developers’ hardware wallets. This attack manipulated frontend transaction validation to execute malicious operations in the background. Interestingly, this incident went unnoticed by Radiant Capital’s internal security team and external audits from entities like SEAL911 and Hypernative. The attackers exploited vulnerabilities in the usually secure multi-signature setup process.
Over $50 million in USDC, WBNB, and ETH was stolen as the attackers drained liquidity pools on the <a href="https://en.coin-turk.com/binance-lists-alpaca-futures-with-75x-leverage/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a> Smart Chain and Arbitrum networks.
<h2 style="text-align: justify" id="radiant-capital-s-security-measures">Radiant Capital’s Security Measures</h2>
Following the incident, the company began collaborating with the FBI and cybersecurity firms to trace the stolen funds. As a result of tracking digital footprints, some assets were frozen. Additionally, Radiant Capital is reviewing its security protocols and multi-signature verification processes. New measures include stricter signature validations and approvals through independent devices.
The developer team has also started updating their cold wallets with new devices. Additionally, the signature requirements for managers and the DAO have been tightened. Reducing the number of signers from ten to seven and raising the signature threshold to 60% has made transaction execution more secure.
Furthermore, transaction data is cross-verified via Etherscan. This extra step helps prevent errors and confirms transactions. Radiant Capital plans to become active again in the Base and Ethereum markets within a few days.
To bolster its infrastructure, Radiant Capital is preparing to deploy new smart contracts related to the stolen assets. These changes will enhance the company’s defensive capabilities against potential attacks.
With the increase in crypto-related attacks, law enforcement agencies are dedicating more attention to these incidents. In the trial of Ilya Lichtenstein, responsible for the 2016 Bitfinex attack, a five-year prison sentence was also sought.
Radiant Capital aims to build a stronger structure against future potential attacks by strengthening security measures. The collaboration with the FBI highlights the critical importance of security within the industry.
The post <a href="https://en.coin-turk.com/radiant-capital-collaborates-with-fbi-to-trace-50-million-stolen-in-cyber-attack/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Radiant Capital Collaborates with FBI to Trace $50 Million Stolen in Cyber Attack</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.

Radiant Capital Collaborates with FBI to Trace $50 Million Stolen in Cyber Attack

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