Radiant Capital, a decentralized finance (DeFi) platform, has been hit by a major security breach, resulting in the theft of over $50 million across its Arbitrum and Binance Smart Chain (BSC) networks. The incident comes after recent updates to the platform, which appear to have opened up vulnerabilities for attackers to exploit.
The hack was first reported by Ancilia, a web3 security firm, who detected suspicious transactions on Radiant’s BSC instance. According to their findings, the hackers utilized a backdoor contract to siphon funds from user wallets. Soon after, it was revealed that the attack had spread to the Arbitrum chain, further increasing the stolen amount.
User Funds at Risk
The attack’s scope is concerning, as it seems hackers were able to initiate transactions from user accounts, raising fears that additional funds may still be at risk. As of now, Radiant Capital’s team has acknowledged the issue but hasn’t provided a detailed public response. Markets on Base and Mainnet are paused until further notice. Users are urged to remain cautious and avoid interacting with Radiant’s contracts, particularly on Binance Smart Chain.
To make matters worse, several scam accounts on X.com (formerly Twitter) are impersonating Radiant Capital’s official team account, telling users to revoke approvals via shady links. If you come across one of these messages, ignore it. These scammers are trying to take advantage of the chaos. Stay on guard – these fake accounts can be hard to spot due to minor spelling errors in their usernames. Ancilia even mistakenly reposted one of these!
Example of fake post – don’t fall into this!
The Aftermath
As news of the hack spread, Radiant Capital’s native token, RDNT, took a hit, falling nearly 6%. It’s still unclear if Radiant will be able to recover the stolen funds or if affected users will be compensated.
This isn’t the first time Radiant has been targeted. Earlier this year, they lost $4.5 million in a separate attack, raising concerns about the platform’s security practices. In a world where trust is essential for DeFi’s success, repeated breaches like this make it harder for users to feel secure, even with promising projects like Radiant.
As of now, if you’re a Radiant user, your best course of action is to avoid interacting with the platform until further updates from the official team. There’s too much uncertainty, and with $50 million already gone, the situation could potentially worsen before it gets better.
