Radiant Capital was hacked and $4.5 million was stolen

Blockchain security and analytics company PeckShield Inc.’s cross-chain lending protocol Radiant Capital was hacked to steal 1,900 ETH ($4.5 million). report today.

Hacking today @RDNT Capital Resulting in a loss of 1,900 eth (approximately $4.5 million).

The underlying reason is not new: it essentially exploits the window of time in the lending market (from the popular Compound/Aave fork) to activate a new market. The exploit also relies on known rounding… https://t.co/XogWUVO3po pic.twitter.com/x5X9ql8AGA

— PeckShield Corporation (@peckshield) January 2, 2024

“The underlying reason is not new: it essentially takes advantage of a period of new market activation in the lending market,” the securities firm explained.

Glory Capital also admit Question on Xstated that the Radiant DAO Council has temporarily suspended the lending market on Arbitrum, a layer 2 scaling solution operated by Radiant Capital, while the matter is investigated.

Radiant said in the post that the issue was caused by “an issue with the newly created local USDC market on Arbitrum.” It also noted that it plans to publish the results of an in-depth investigation once the issue is resolved.

Radiant Capital also assured in the post that there is no risk to existing funds and operations will return to normal after the investigation is completed.

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Anne

According to “Block”