DeFi Lending Platform Radiant Capital Suffers $50M Exploit
Decentralized finance (DeFi) lending platform Radiant Capital has fallen victim to a cyberattack, resulting in the loss of over $50 million in user funds. The attack targeted instances of Radiant Capital on the Ethereum Layer 2 network Arbitrum and the BNB Chain, exploiting a vulnerability in the platform’s smart contracts.
The hacker drained significant amounts of tokens, including wrapped versions of BNB, ETH, USDC, and USDT, transferring them to a wallet starting with “0x0629b.” Radiant Capital, a decentralized autonomous organization (DAO) focused on unifying liquidity across DeFi money markets, is working with security firms and blockchain analytics providers to investigate and resolve the issue.
This is the second major hack for Radiant Capital this year, following a $4.5 million exploit in January 2024. The platform’s native token, RDNT, has suffered a severe price impact following the latest incident.
