Radiant Capital reports $4.5m flash loan attack
Cross-chain lending protocol Radiant Capital has suspended its lending markets. The report states that Radiant Capital has received reports of a $4.5 million hack that affected one of the new USD Coin (USDC) markets. Today, we received a report of an issue with the newly created native USDC market on Arbitrum. After validation by Radiant developers and the wider Web 3 security community, the Radiant DAO Council paused lending/borrowing markets on Arbitrum temporarily while this is… — Radiant Capital (@RDNTCapital) January 3, 2024 Blockchain security platform Beosin linked the attack to using instant credit with the attack er taking advantage of a “rounding problem” in the code base, “which led to a cumulative accuracy error.” As a result, the attack er made a profit through repeated deposits and withdrawals of assets. “The attack er manipulated the index parameter (which later served as a denominator) to become extremely large. The contract has a rounding issue in its c...