In October 2024, Radiant Capital, a decentralized finance protocol, suffered a significant cybersecurity breach, losing $58 million during a hack on the BNB Chain and Arbitrum. Following the attack, the hacker converted the stolen funds into Ether, which has since appreciated in value, now holding 21,957 ETH worth approximately $103 million. This increase is attributed to Ether's price rise, which has been influenced by various factors, including the launch of Ether spot ETFs in the US and a notable accumulation of Ether by corporations. The total staked Ether has also reached over 36 million, reducing the supply available on exchanges. Investigators from AMLBot suggest that the hacker's decision to hold ETH was likely driven by security and liquidity needs rather than a strategic investment. Additionally, Ethereum's recent upgrades and the growth of its layer-2 ecosystem have contributed to the increased transaction volume, further supporting Ether's market performance. Read more AI-generated news on: https://app.chaingpt.org/news

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