Radiant Capital has joined forces with the FBI and U.S. authorities to recover over $50 million stolen during a cyberattack on October 16, 2024. This sophisticated attack utilized malware to breach the hardware wallets of key developers, resulting in unauthorized transfers of digital assets.
How Did the Attack Occur?
According to reports, hackers executed a complex software injection that targeted the hardware wallets of three principal developers. This manipulation circumvented transaction validation processes, allowing the attackers to carry out their operations without detection. The sophisticated techniques used evaded the notice of both Radiant Capital’s security measures and external audits by firms like SEAL911 and Hypernative.
What Security Improvements Are Being Implemented?
In response to the breach, Radiant Capital is actively collaborating with the FBI and cybersecurity experts to trace the stolen funds. Their efforts have led to the freezing of some assets. The company is also revisiting its security protocols, enhancing multi-signature verification processes with stricter signature validations and requiring confirmations from independent devices.
Additional improvements include updating cold wallets and utilizing new hardware. The organization has reduced the number of signatories needed for transactions from ten to seven, increasing security by raising the required signatures to 60%. Transaction checks using Etherscan will further help in preventing discrepancies.
- Over $50 million stolen through malware attack.
- Collaborations with the FBI led to asset freezes.
- Stricter security protocols implemented post-attack.
- Multi-signature requirements tightened for added security.
As the company enhances its defenses, it plans to reinitiate activities in the Base and Ethereum markets shortly. Radiant Capital’s proactive measures highlight the increasing necessity of robust security infrastructures in the cryptocurrency sector, especially in light of growing cyber threats.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
