Hacker affiliated with Radiant Capital purchases $23.7 million worth of Ethereum following a $4,700 deal.
In the dynamic world of cryptocurrency, a mysterious figure has been making waves in the Ethereum market. Just a week after selling Ethereum (ETH) at an average price of $4,726, this hacker, known for their involvement in the Radiant Capital incident, made another significant move.
On August 14, the hacker sold 9,631 ETH, realizing 43.9 million DAI. Six days later, on August 20, they bought 4,914 ETH at $4,167. A few days after that, they sold 3,931 ETH at $4,726. These strategic trades have not only increased the hacker's portfolio but also piqued the interest of traders tracking whale movements.
The hacker's total ETH holdings currently stand at approximately 13,300, with tens of millions in stablecoins. Their latest purchase, worth $23.7 million, was made on August 14, when they spent 23.7 million DAI to buy 5,475 ETH at an average price of $4,330.
Analysts suggest that the hacker's trades are more akin to professional short-term trading (swing trading) than panic selling. This strategy has allowed the hacker to nearly double the value of the $53 million they initially stole from Radiant Capital. So far, the hacker has managed to amass an estimated portfolio worth over $104 million.
The hacker's precise trades since the incident have shown a pattern of calculated moves, which some traders believe indicates broader confidence in Ethereum's flexibility, even from non-traditional players. However, others warn that these transactions highlight the challenges regulators face in preventing illicit funds from circulating through cryptocurrency markets.
Despite the hacker's activity, ETH has been fluctuating between $4,000 and $5,000 over the past weeks. The mastermind behind the Radiant Capital hack, known for active trading strategies in Ethereum mining in recent months, has not been publicly identified.
As the cryptocurrency market continues to evolve, the hacker's strategic trades have made headlines, offering a unique insight into the world of cryptocurrency trading. The hacker's actions underscore the potential for both profit and risk in the volatile world of digital assets.
