Radiant Capital Hacked: Millions of Dollars Stolen
Binance-backed, blockchain-based lending protocol Radiant Capital was hacked on Wednesday, causing more than $50 million in losses.
Web3 security company De. Fi Antivirus, the hacker took control of three of the eleven private keys required for protocol upgrades, thereby taking control of smart contracts on both the Arbitrum and Binance Smart Chain (BSC) networks.
The hacker stole various cryptocurrencies, including USDC, ETH and BNB. Using a vulnerability called ‘TransferFrom’, they transferred tokens directly from user accounts to their own accounts.
R. Capital Suspends Credit Transactions on BNB Chain and Arbitrum After $50 Million Cyber Attack
Lookonchain reported that the hacker converted the stolen assets into 12,835 ETH ($33.6 million) and 32,113 BNB ($19.4 million).
After detecting the security breach, Radiant Capital suspended its lending activities on BNB Chain and Arbitrum to prevent further unauthorised transfers from taking place.
The team said it is working with SEAL911, Hypernative and ZeroShadowand Chainalysis to resolve the issue and will provide updates on the issue. Meanwhile, markets on Base and Mainnet have been paused until further notice.
Radiant Attacked for the Second Time This Year
Radiant faced a security breach for the second time this year. The protocol had lost $4.5 million in January due to a security breach caused by a smart contract vulnerability.
According to De.Fi Antivirus, this latest attack is different from the first attack because the first attack was a flash loan attack. However, in this latest attack, the hacker accessed three private keys and thus took control of smart contracts.
Hackers stole more than $120 million from cryptocurrency platforms in September 2024. According to PeckShield’s data, there were more than 20 attacks targeting both centralised and decentralised platforms in September. The largest of these attacks were on BingX, Penpie and Indodax, which lost a total of more than $90 million.
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