cryptojournalist
A Financial Wake-Up Call
Security expert Patrick Collins recently described the Radiant Capital hack as a “$50 million lesson” for the DeFi community. He emphasized that there’s a real need for better education and tools for verifying transactions, especially when using hardware wallets, which are supposed to keep our crypto safe.
Movement of Stolen Funds
The hacker has already moved about $52 million from the stolen funds. On October 24, the blockchain security firm PeckShield reported that the attacker had shifted “nearly all” of the stolen assets, raising concerns about the security measures in place.
The Risk of Wallet Signing
Phishing attacks are still a major issue in the crypto world, costing millions of dollars. For example, on August 21, a phishing scheme drained $55 million in stablecoins when a whale accidentally approved a transaction that gave control of their funds to the attackers.
In response to these ongoing threats, Ledger, a well-known hardware wallet provider, is urging the industry to focus on clearer transaction signing. CEO Pascal Gauthier mentioned that it’s crucial to move away from “blind signing,” where users might unknowingly authorize transactions, and he’s partnered with others to promote safer signing practices in the community.
