Radiant Capital reports $4.5 million flash loan hack
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Cross-chain lending protocol Radiant Capital has suspended its lending market.
The report states that Radiant Capital received reports of a $4.5 million hack affecting one of the new U.S. Dollar Coin (USDC) markets.
Blockchain security platform Beosin linked In an attack using instant credit, the attacker exploited a “rounding issue” in the code base, “which resulted in accumulated accuracy errors.”
As a result, attackers profit from repeatedly depositing and withdrawing assets.
“The attacker manipulated the index parameter (which later served as the denominator) to become very large. The contract had a rounding issue in its calculations, resulting in cumulative precision errors.”
North Star Announcement
According to Arbiscanner, attackers managed to steal $4.5 million in Ethereum (ETH) from the protocol.
Radiant has also suspended the lending market on Arbitrum and assured investors that no additional funds are currently at risk. They promised to conduct a detailed autopsy and resume normal operations once the investigation is complete.
The Radiant Capital hack is not the first attack by cybercriminals since the start of the year. Previously, scammers hacked the Orbit Chain protocol worth $81.5 million.
According to the project team, the stolen cryptocurrency “remains untouchable” at the address where it was discovered. They are now conducting detailed analysis to determine the root cause of the hack and liaising with international law enforcement agencies.
