Crypto Hackers Profit Big from ETH Price Surge

The recent Ethereum (ETH) price surge to nearly $4,800 has proven lucrative not only for legitimate investors but also for crypto hackers. On-chain data reveals that multiple hacking groups have strategically sold off their stolen ETH holdings, realizing significant profits.

Case Studies of Exploited Wealth

Radiant Capital Exploit

The Radiant Capital exploit, attributed to a North Korean entity, involved the theft of approximately $53 million in assets last October. The hackers converted a large portion of the stolen funds into 21,957 ETH at an average price of $2,414. This week, they liquidated 9,631 ETH for $44 million in stablecoins. The hackers still hold 12,326 ETH and the aforementioned stablecoins, now totaling $101 million – a $48.3 million increase from the original stolen value.

Infini Exploit

The Infini exploit in February saw attackers siphon $49.5 million in USDC and purchase 17,696 ETH at $2,798 per coin. While laundering 5,000 ETH through Tornado Cash, they also sold 3,540 ETH for $13 million in stablecoins at an average price of $3,762. The rise in ETH's value has significantly boosted the value of their remaining holdings, adding an extra $25.15 million to their illicit gains.

THORChain and Chainflip Exploit

An unidentified exploiter who stole 17,412 ETH from THORChain and Chainflip in March initially sold these holdings for $33.9 million DAI at $1,947 each. In June, they reinvested in the market, buying 4,957 ETH at $2,495 before selling them early Friday for $22.13 million in stablecoins at $4,464. This resulted in a $9.76 million profit.

Key Takeaways

• ETH Price Appreciation Benefits Hackers: The surging price of ETH has created an opportunity for hackers to profit significantly from their ill-gotten gains.
• Strategic Offloading: Hackers are strategically timing their sales to maximize profits, often converting ETH into stablecoins to secure their gains.
• Ongoing Threat: These incidents highlight the persistent security vulnerabilities in the DeFi space and the need for robust security measures.

A Rampant Problem

The reported hacks are part of a larger trend of cybercrime within the cryptocurrency space, with investors losing billions of dollars to exploits. The first half of 2025 saw $3.1 billion lost to hacks, with an additional $1.49 billion lost in 2024. These numbers highlight the need for increased awareness and investment in blockchain security measures. Vigilance and caution should be paramount for anyone dealing with crypto assets.