Radiant Capital Exploited for $51 Million
Omnichain money market, Radiant Capital, experienced a significant security breach, resulting in a $51M loss across its Arbitrum and BNB Chain deployments.
What's the scoop?
- Multichain Exploit: The attack started on Radiant’s Arbitrum instance before spreading to its BNB Chain contracts.
- Wallet Details: The exploiter’s wallet currently holds over $32M in Arbitrum assets and around $18M in BNB Chain tokens.
- Security Flaw: The vulnerability emerged due to a newly deployed smart contract, which allowed unauthorized token transfers.
- User Advisory: Radiant users are urged to revoke permissions to Radiant contracts immediately to prevent further losses.
Bankless Take:
This isn’t Radiant Capital’s first exploit, coming after a previous flash loan incident and raising concerns about Radiant’s internal security measures since its multi-sig setup seems to have been compromised — meaning the hacker either phished an employee or there was an inside attacker. While efforts will likely be made to recover lost funds, this will be a tough, uphill climb for Radiant to regain trust, if it can at all.
We are aware of an issue with the Radiant Lending markets on Binance Chain and Arbitrum. We are working with SEAL911, Hypernative, ZeroShadow & Chainalysis and will provide an update as soon as possible. Markets on Base and Mainnet are paused until further notice.
— Radiant Capital (@RDNTCapital) October 16, 2024