Hackers have found an unexpected windfall in the recent ether (ETH) rally, offloading significant amounts of the cryptocurrency for impressive profits. In a week characterized by rapid market movements, several notorious cybercriminals have capitalized on ETH reaching an eye-popping $4,780, converting their ill-gotten gains into a cool $72 million in stablecoins.
Profiting from Chaos
Three distinct cases have come to light, revealing the strategic maneuvers of these digital bandits. According to on-chain data from the X account EmberCN, the Radiant Capital exploiter, believed to be linked to North Korean interests, made headlines by siphoning approximately $53 million from the DeFi protocol last October. This savvy operator turned much of their loot into 21,957 ETH at a modest $2,414 per coin. Fast forward to this week, and they’ve cleverly liquidated 9,631 ETH for a staggering $44 million in stablecoins. Just another day at the digital office, it seems.
Still holding 12,326 ETH, alongside their stablecoin gains, this hacker’s portfolio now sits at an eye-watering $101 million—nearly doubling the original stolen asset value. “It’s like watching a heist film unfold in real-time,” commented crypto analyst Jamie Lark. “The precision and timing are impeccable.”
A Pattern Emerges
The Infini exploit from February mirrors this cunning strategy. The attacker managed to drain $49.5 million in USDC, subsequently purchasing 17,696 ETH at $2,798 each. After laundering 5,000 ETH through Tornado Cash, a popular privacy tool for such activities, the hacker sold 3,540 ETH for $13 million worth of stablecoins. With the ETH rally, the value of their remaining stash has surged, netting them an additional $25.15 million.
The third case involves an unidentified actor who targeted THORChain and Chainflip back in March. This individual offloaded 17,412 ETH for $33.9 million DAI when ETH was priced at $1,947. But they didn’t stop there. Re-entering the market in June, they acquired 4,957 ETH at $2,495, selling them this past Friday for $22.13 million in stablecoins at a remarkable $4,464, pocketing $9.76 million in the process.
These calculated moves highlight the broader trend of a thriving underground economy, where hackers are not just stealing but strategically growing their haul. The past 18 months have been particularly lucrative for these cybercriminals, with investors losing a jaw-dropping $3.1 billion in the first half of 2025 alone, and $1.49 billion in 2024. This trend aligns with the exceptionally strong market conditions recently reported, where major cryptocurrencies like Bitcoin and Ethereum have seen significant advances.
The Bigger Picture
The recent wave of hacks raises pressing questions about the security and resilience of DeFi protocols. As illicit operations become more sophisticated, the crypto community is left grappling with how to safeguard against such threats. While some suggest increased regulation, others argue for better on-chain security measures and more robust auditing processes.
“It’s a cat-and-mouse game,” noted blockchain security expert Lina Chen. “As long as there’s money to be made, these hackers will continue pushing the boundaries. The key is staying one step ahead.”
However, the broader implications for the cryptocurrency market remain uncertain. While the ETH surge has undoubtedly benefited these hackers, it also reflects growing investor confidence in the crypto space. This is part of a larger altcoin-led surge, as detailed in our coverage of the recent rally in Ether and Dogecoin. Yet, the specter of such high-profile exploits casts a shadow over the industry, challenging its integrity and long-term sustainability.
So, where does this leave the average crypto enthusiast? Watching from the sidelines, perhaps with bated breath, as the digital battleground continues to evolve. The future remains unpredictable, but one thing’s for sure: in the world of crypto, there’s never a dull moment.
Source
This article is based on: Crypto Hackers Capitalize on ETH Surge, Offloading $72M This Week
Further Reading
Deepen your understanding with these related articles:
- Ether’s Rally Pulls Bitcoin Along: Crypto Daybook Americas
- Crypto ETP inflows hit $572M as Bitcoin and Ether rebound
- Ethereum Explodes to 2021 Peaks, Bitcoin Eyes ATH: Market Watch
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
