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Home»ADOPTION NEWS»Radiant Capital has reportedly been hacked with $4.5 million worth of ETH.
ADOPTION NEWS

Radiant Capital has reportedly been hacked with $4.5 million worth of ETH.

By Crypto FlexsJanuary 3, 20242 Mins Read
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Radiant Capital has reportedly been hacked with .5 million worth of ETH.
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Security • January 2, 2024 10:11 PM EST

Posted 1 minute ago In ~

Radiant Capital, a cross-chain lending protocol, was hacked with 1,900 ETH ($4.5 million) from PeckShield Inc., a blockchain security and analytics company. reported to today.

“The root cause is not new,” PeckShield said. Basically, it takes advantage of the time window when a new market becomes active in the lending market,” he wrote. The security breach occurred just six seconds after the new attack took place. USDC

+0.17%
The digital security company explained that the market has become active.

Radiant Capital also I acknowledged the problem with X.The Radiant DAO Board said it had temporarily suspended the lending and borrowing marketplace of Arbitrum, a layer 2 scaling solution operated by Radiant Capital, while the issue was investigated.

In the post, Radiant stated that the incident occurred due to “issues with the newly created native USDC market on Arbitrum.” They also mentioned that they plan to release a post-mortem after the issue is resolved.

Radiant Capital also confirmed in the post that no funds are currently at risk and that operations will return to normal once the investigation is complete. Radiant Capital did not immediately respond to The Block’s request for further comment via Telegram.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He previously worked as a reporter for Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor’s degree in Journalism and Business Marketing from the University of Hong Kong.

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