The trove stolen from the decentralized lender with a bright capital in October 2024 almost doubled as the ether climbed, displaying blockchain data.
Decentralized Finance Protocol (DEFI) Radiant Capital was hacked in mid-October 2024 when the crosschain lending protocol suffered a $ 58 million violation of cybersecurity in the BNB and Arbitrum chain.
The radiant capital has lost nearly $ 58 million in violation. The attacker eventually replaced the proceeds to the ether (Eth) and now holds 21,957 ETH worth nearly $ 103 million, According to To lookonchain, from approximately $ 58 million at the time of exploitation.
Ether closed October 15, 2024, above $ 2,300, and exchanged above $ 4,700 Thursday at the time of writing.
Related: US Spot Ether ETFS View 2nd-Biggest Inflows recorded while ETH is close to new high
Not an investment stake, analysts say
A group of investigations to blockchain forensics firm Amlbot told Cointelegraph that, though ultimately led to revenue, the trade is likely unintentionally as a result of prevention techniques. “It is more likely that the decision of exploitation to handle ETH is driven by security and liquidity considerations, rather than a deliberate time-time approach,” said the Amlbot team.
Investigators said the attacks tend to change stolen funds in Bitcoin (Btc) or eth. Two factors for this are to alleviate the risk of tokens that have flreeked out and because Bitcoin and Ether are already supported by high -liquid market infrastructure and widespread support. It makes it easy to move them to ecosystems.
“Due to these patterns, it is more likely that ETH holders have only benefited from the broader market growth rather than the result of a conscious investment in price appreciation,” concluded investigators.
Ether price rises as supply decreases
Ether price increases because exploitation is attributed to many factors.
Ether spot etf The US trade began in late July 2024 – Closing one year of trading last month – and found a total US dollar flow of $ 12.12 billion to date, according to coinglass Data.
This data also shows that large -scuming accumulation by regulated means continues, leading to a Reduce the amount of ether in exchanges. Many more properties are out of circulation thanks to staking, with reports in mid-June showing that the supply of staked Ether reached a full time high over 35 million eth. Most recent data from Dune Analytics shows that this number is now exceeded 36 million et.
Another factor is the ETH Treasury in corporations. According to a report released in late July, those companies had more than $ 100 billion of ether in their coffins at that time.
https://www.youtube.com/watch?v=20zFedQDKL8
The tone of the regulation has also moved, including the June 2024 decision of the SEC that I -Drop its investigation if eth is a security.
Carol Goforth, a professor at the University of Arkansas School of Law, said at that time That the case was lowered is an indication that the agency is not confident that it can convince a court that ETH is a security.
Related: Ethereum is the ‘largest trading of Macro’ for the next 10-15 years: Fundstrat
A growing ecosystem and improving infrastructure
Ethereum also rolls in upgrading Dencun It was only months before the hackers filled their coffers. This update includes the Ethereum Improvement Profosal (EIP) 4844. EIP introduces daksharding and prototo-dankharding, significant improvement of network scalability and Layer-2 support.
Ethereum’s Layer-2 ecosystem also grew, with daily transactions reaches 12.42 million on August 122024.
That growth continued, with GrowThepie Data From Wednesday showing that Ethereum layer-2 protocols processed nearly 13.88 million transactions that day. The previous highs exceed 16 million transactions a day.
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