Decentralized finance (DeFi) lender Radiant Capital has suffered a major hack, with more than $51 million stolen from its platform across Arbitrum and BNB Chain. The hack, which took place on Oct. 16, saw hackers steal over $32 million from Arbitrum and approximately $18 million from BNB Chain. On-chain security platform Ancilia first alerted the crypto community to the attack, which affected Radiant Capital’s Ethereum layer-2 Arbitrum instance and BNB Chain.
The exploit appears to have been initiated via a backdoor contract, with stolen funds including wrapped BNB, ETH, USDT and USDC, as well as other tokens. Following the exploit, Radiant Capital announced it had halted its markets on Base and mainnet and enlisted the help of external security providers to investigate the compromise.
The native Radiant Capital token RDNT declined nearly 6% in value.
