As a seasoned researcher with years of experience in the dynamic and often unpredictable world of cryptocurrencies, I find the recent incident involving Radiant Capital particularly intriguing. The sophisticated nature of the attack, the compromised devices of long-standing developers, and the exploitation of multisignature security mechanisms are all elements that highlight the complexities and vulnerabilities inherent in this space.
Radiant Capital has publicly shared a report on the October 16 incident where an estimated $50 million worth of digital assets were stolen from the BNB Chain and Arbitrum networks. As per Radiant’s statement, the attacker managed to breach the devices of three of their long-term developers.
Hackers were able to compromise the devices through a “sophisticated malware injection” used to sign malicious transactions.
According to the Radiant team’s recent blog post, the devices were manipulated so that the main interface of Safe{Wallet} (formerly known as Gnosis Safe) showed valid transaction information, while malicious transactions were secretly authorized and carried out behind the scenes.
The attack
As reported by the company, the incident happened during a standard multisignature adjustment for emissions, a procedure regularly carried out to align with market fluctuations and usage rates.
In simple terms, Multisignature is the primary method used for safeguarding transactions within Web3 systems. This system demands that several parties provide their signature before a transaction can be approved.
After the transactions were given the green light, the corrupted devices seized these approvals and swapped them with harmful transactions instead. These malicious transactions were subsequently sent to the hardware wallets for verification. As soon as Safe Wallet identified a problem, it displayed an error notification, urging users to try signing again.
Various circumstances may lead to this kind of issue, including changes in gas prices, discrepancies in the nonce value, overloaded networks, or inadequate gas limits, along with several other possibilities.
Consequently, their actions seemed normal at first, which gave the attackers time to collect three legitimate signatures.
According to Radiant’s findings, even though the signed transactions seemed valid in the user interface, they were actually part of an attack that was hard to notice. Furthermore, this breach went unnoticed during both the manual inspection of the Gnosis Safe UI and the Tenderly simulation stages during the regular transaction review process.
According to the report, both SEAL911 and Hypernative external security teams have verified this information.
In addition to emptying accounts with a total value of $50 million, the hackers took advantage of open permissions to withdraw funds directly from users’ accounts. It’s also possible that some additional Radiant core developers may have had their systems breached. The protocol is advising all users to cancel approvals on all chains to prevent any future occurrences.
“All users of the Radiant platform were strongly advised to revoke any approvals on ALL chains — Arbitrum, BSC, Ethereum & Base.”
As a researcher delving into the realm of cryptocurrency security, I’ve uncovered some striking findings from Hacken’s latest report. It appears that access control exploits accounted for an astounding $316 million in lost funds during the third quarter, which equates to nearly 70% of all crypto funds stolen during that period.
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2024-10-18 19:53