- Radiant Capital was hacked, with over $51 million stolen from the Arbitrum and BNB chains.
- Over $32 million was stolen from Arbitrum, with the BNB chain accounting for approximately $18 million.
Radiant Capital was attacked on October 16, when hackers stole more than $51 million from the decentralized finance lender.
On-chain security platform Ancilia first alerted the cryptocurrency community about the attack, which affected Ethereum layer 2 Arbitrum instances and the BNB chain on the OmniChain money market.
“We have seen multiple transfers from user accounts via contract 0xd50cf00b6e600dd036ba8ef475677d816d6c4281. Please cancel the approval as soon as possible. The new implementation appears to have a vulnerability feature.” Palo Alto Networks and Binance Labs supported platforms mentioned.
Data from Arkham Intelligence, a blockchain security and on-chain data company, revealed details related to the attack.
stolen funds
According to Ancilia, the attack appears to have been launched through a backdoor contract. The attackers spent more than $51 million in two instances. The stolen funds include wrapped BNB, ETH, USDT, USDC, and other tokens.
According to the hacker’s wallet address, he holds $32 million in assets in Arbitrum-based tokens and $18 million in assets on the BNB chain. Most assets are held in Ethereum derivatives wstETH and weETH.
Following the exploit, Radiant Capital posted an update saying the team enlisted the help of an external security provider to investigate the compromise. As well as BNB Chain and Arbitrum, the DeFi platform also announced the suspension of its markets on Base and Mainnet.
The underlying Radiant Capital token RDNT fell nearly 6% to trade as low as $0.067.