The stolen treasure of the decentralized lender Radiant Capital in October 2024 has almost doubled as value as the ether, as shown by the blockchain data.
Protocol of decentralized finance (DEFI) Radiant capital was pirated in the mid -2024 stage when the Crosshaver loan protocol suffered a cybersecurity rape of $ 58 million in the chain and the BNB referee.
Radiant Capital lost around $ 58 million in rape. Later, the attacker changed the procedures to Ether (ETH) and now has 21,957 ETH worth $ 103 million, according to Lookonchain, compared to an estimated $ 58 million at the time of the exploit.
Ether closed on October 15, 2024, above $ 2,300, and traded above $ 4,700 on Thursday at the time of writing.
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It is not an investment commitment, analysts say
The Blockchain Forensic firm research team, told Cointelegraph that, although it finally generated profits, trade was probably an unintended consequence of evasion techniques. “It is more likely that the exploiter’s decision to maintain ETH has been promoted by safety and operational liquidity consultations, instead of a deliberate market time strategy,” said AMLBOT team.
The researchers said that attackers tend to exchange stolen funds to Bitcoin (BTC) OH Eth. Two reasons for this are to mitigate the risk of freezing of tokens and because it is already backed by a highly liquid market infrastructure and a broad propagation support. This makes it easier to move them through ecosystems.
“Given these patterns, it is more plausible than ETH’s holdings simply benefit from the broader growth of the market instead of being the result of a conscious investment commitment about the appreciation of prices,” the researchers concluded.
Ether’s price increases as its offer decreases
Ether’s increased prices since exploit is attributed to multiple factors.
Ether Spot Etfs began to quote in the US. At the end of July 2024, closing a year of negotiation last month, and has seen a total flow of net dollars of $ 12.12 billion so far, according to the conscious data.
These data also show that large -scale accumulation through the regulated average has an ongoing bone, which leads to a decrease in the amount of ether in exchanges. More active are now out of circulation thanks to the strike, with reports from mid -June that show that the hitting ether, it reached a historical maximum or more than 35 million ETH. The most recent Dune Analytics data show that this number now exceeds 36 million ETH.
Another factor is ETH treasures in companies. According to a report published at the end of July, these companies had more than $ 100 billion of ether in their coffers at that time.
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The regulatory tone has also changed, including the decision of the SEC in June 2024 to eliminate its research on whether ETH is a security.
Carol Goforth, a professor at the Law Faculty of the University of Arkansas, said at the time the case of beer was an indication that the agency trusts that it could convince a court that ETH is a security.
Related: Ethereum is the ‘greatest macro trade’ for the next 10-15 years: Fundstrat
An increasing ecosystem and improve infrastructure
Ethereum also launched its Dencun update only months before computer pirates filled their coffers. This update includes the proposal for the improvement of Ethereum (EIP) 4844. The EIP introduced the humiliation and proto danksharding, significantly improving the scalability of the network and the support of layer 2.
The Ethereum layer 2 ecosystem also grew, with daily transactions that reach 12.42 million on August 12, 2024.
That growth has continued, with Wednesday Growthepie data that show that Ethereum layer 2 protocols processed almost 13.88 million transactions that day. The previous maximums have exceeded 16 million transactions in one day.
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