Hacker Turns $58M Into $103M With Ether – What a Wild Ride!

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Well, well, well, look who’s laughing all the way to the blockchain bank! In October 2024, the not-so-decentralized lender Radiant Capital was hit with a $58 million hack. The funds, originally a mishmash of chaos, have now ballooned into a mind-boggling $103 million! How? Good ol’ Ether, baby! 📈

Here’s the deal: Radiant Capital, this cute little crosschain lending protocol, got hit with a major cybersecurity breach on BNB Chain and Arbitrum. Now, before you start feeling bad for them, just know the hacker turned that sad sack of stolen money into a fat Ether stash. And now, that stash is sitting pretty with 21,957 ETH worth over $103 million. Sweet gig, right? 🤑

It wasn’t just a stroke of luck, either. When Ether closed on October 15, 2024, it was sitting pretty above $2,300. Fast forward, and we’re talking about over $4,700. Who says crime doesn’t pay? 😎

Not So Fast, Analysts Have a Word! 🧐

Now, of course, some folks aren’t buying it. Analysts from blockchain forensics firm AMLBot (yeah, they’re the “fun police” of the crypto world) have some thoughts. They’re saying the hacker wasn’t exactly plotting market moves while sipping margaritas in the Bahamas. Nah, they were just trying to dodge the long arm of the law. The move to Ether wasn’t a calculated bet-it was all about security and liquidity, folks. 💼

And why Ether, you ask? Simple! Bitcoin and Ether are like the Michael Jordan and LeBron James of the crypto world. They’re not going to get frozen, unlike those “oh-so-safe” stablecoins. Plus, they can move seamlessly across ecosystems. No need for fancy footwork, just smooth transactions. 🏀💸

The conclusion? The hacker probably just rode the market wave, not some genius stock-picking strategy. I know, shocking, right? 🙄

Why Ether is So Hot Right Now 🔥

Now let’s talk about why Ether is so spicy. It’s not just because of the hack-no, no, there’s more to the story. Back in July 2024, Ether spot ETFs started trading in the U.S., and since then, they’ve brought in a whopping $12.12 billion. That’s right, billion with a B! 💰

And here’s the kicker: as people stake more Ether, it’s getting pulled off exchanges, making it a rarer commodity. In fact, Ether in circulation has taken a nosedive since mid-June. Over 35 million ETH were staked, and that number’s still growing. A few months later, and it’s well over 36 million. Ether’s practically becoming a collector’s item! 💎

So, what’s really driving the price? Oh, and don’t forget the big corporate treasuries stockpiling Ether like it’s going out of style. Over $100 billion worth at the time of writing. These guys aren’t playing around. 😎

Let’s not forget the regulators! In June 2024, the SEC threw in the towel on whether ETH is a security. Which means one thing: ETH is free to roam like a wild stallion across the crypto landscape. 🐎

Ethereum Just Keeps Getting Better! 🏗️

And if you thought Ethereum couldn’t get any better, think again! They rolled out a major upgrade with the Dencun upgrade. With improvements like danksharding, Ethereum’s scalability and layer-2 support have reached new heights. Talk about a glow-up! 🌟

And for the real geeks out there, Ethereum’s layer-2 ecosystem has been going off, with daily transactions reaching a record 12.42 million on August 12, 2024. Fast forward, and we’re looking at nearly 14 million daily transactions. Talk about growth! 💥

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2025-08-14 14:28