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Radiant Capital, a decentralized finance lender, recently fell victim to a devastating hack, resulting in the loss of over $51 million across Arbitrum and BNB Chain. The exploit, which took place on October 16, was first brought to light by Ancilia, an on-chain security platform backed by Palo Alto Networks and Binance Labs.
According to reports, the hackers targeted Radiant Capital through a backdoor contract, allowing them to siphon off a significant amount of funds from the platform. The stolen assets included wrapped BNB, ETH, USDT, USDC, and various other tokens, totaling $32 million on Arbitrum and $18 million on BNB Chain. Notably, a large portion of the stolen assets were in the form of Ether derivatives such as wstETH and weETH.
In response to the attack, Radiant Capital has enlisted the help of external security providers to investigate the breach. Additionally, the platform has temporarily halted its markets on Base and mainnet to prevent further unauthorized access.
Following the incident, the native token of Radiant Capital, RDNT, experienced a decline of nearly 6%, trading at a low of $0.067. The team is actively working to address the security breach and restore confidence among its users.
As the crypto community continues to grapple with the increasing threat of cyber attacks, incidents like the one experienced by Radiant Capital serve as a stark reminder of the importance of robust security measures in the decentralized finance space. It is crucial for platforms to prioritize security protocols and conduct regular audits to mitigate the risk of similar exploits in the future.