Radiant Capital Latest Breach Results in $50 Million Loss
Source: Radiant Capital Radiant Capital , a decentralised finance (DeFi) lending and borrowing platform, was targeted in a major exploit on 16 October 2024, resulting in the loss of approximately $50 million. The attack affected its operations on both the BNB Chain and Arbitrum instances, shaking confidence in the protocol’s security measures. This event is the latest in a series of high-profile hacks that have plagued the DeFi sector, raising concerns about the robustness of blockchain security. PSA: Radiant finance is being exploited live. Withdraw your fund and revoke approvals. Seems like their 3/11 multisig got compromised, ownership transferred and then rekt. Another key management failure. — Mudit Gupta (@Mudit__Gupta) October 16, 2024 Exploit Mechanics: How the Attack Unfolded The attackers leveraged vulnerabilities in Radiant Capital’s smart contracts, particularly those governing liquidity and lending pools. According to reports, the breac...