In a shocking breach that has sent waves through the DeFi world, Radiant Capital, a multi-chain decentralized finance protocol, has fallen victim to a massive hack. More than $50 million in cryptocurrencies has been stolen from the protocolâs Arbitrum and BSC networks, leaving users and investors reeling.
Radiant Capital, known for its vision to unify liquidity across different blockchains, now faces one of its greatest challenges as RDNT, the protocolâs native token, plummeted by over 10% in the aftermath of the attack. The hack has rattled confidence in a project that previously served as a beacon of innovation in the decentralized finance space.
The Hack Unfolded: What We Know So Far đ”ïžââïž
Initial reports from security firms suggest that between $51 million and $58 million worth of crypto assets were siphoned off in the attack. The hacker managed to seize control of Radiantâs multi-signature wallet, a critical vulnerability that led to the devastating breach. Itâs claimed that while the system was designed to require 11 signatures for full control, the hacker exploited the system using only 3 signatures, gaining access to critical funds.
Radiant Capital, in a swift response, halted its services on the Base and Mainnet networks as a precautionary measure. Meanwhile, the team is working closely with top cybersecurity firms like SEAL911, Hypernative, ZeroShadow, and Chainalysis to track down the hacker and recover the stolen funds.
A History of Attacks: Radiant's Security Under Fire đ„
This is not the first time Radiant has found itself in the crosshairs of hackers. Earlier this year, the protocol suffered a $4.5 million loss in a "flash loan" attack, raising questions about the robustness of its security protocols. This latest breach only intensifies concerns surrounding the security of decentralized finance platforms, which continue to grapple with sophisticated cyber threats.
Security firm Hacken has revealed that the hacker made an earlier attempt just six days ago, which failed, but unfortunately, the attacker's persistence paid off in this latest strike.
What's Next for Radiant Capital? đ
While the extent of the damage is still being assessed, Radiant Capitalâs team has assured its community that it is working around the clock to provide solutions. A detailed report on the hack is expected soon, and Radiant will likely face mounting pressure to strengthen its multi-signature security measures.
For now, Radiant has pressed the pause button on its operations on several networks, and the DeFi community will be watching closely to see how the platform recovers from this unprecedented attack.
A Warning to DeFi Users đš
The Radiant Capital hack serves as a stark reminder of the risks involved in decentralized finance. As innovation accelerates, so too do the threats from malicious actors. For users and investors in the space, staying vigilant and diversifying security measures is essential.
Could this breach ignite a wave of reforms in DeFi security protocols? Only time will tell.
Stay tuned to Binance for more updates on the Radiant Capital hack and its aftermath.
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