Huo Xing Finance reports, according to The Block, that the DeFi lending protocol Radiant Capital has announced it will officially shut down operations. The protocol suffered a hack in October 2024, losing approximately $51 million, as attackers gained unauthorized access by deploying backdoor contracts on Arbitrum and BNB Chain. Earlier in 2024, the protocol had also been targeted by a flash loan attack, resulting in a loss of approximately 1,900 ETH (around $4.5 million). After 18 months of recovery efforts, Radiant Capital stated that it was unable to recover the majority of the stolen funds or secure additional financing, concluding that “the DAO has no viable path forward.” The protocol will now enter “maintenance mode,” with its frontend and smart contracts remaining accessible; users can still perform withdrawals, repayments, and position management. Any recovered funds in the future will be returned to affected users.
DeFi lending protocol Radiant Capital announces closure following a $51 million hack.
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Summary
The DeFi lending protocol Radiant Capital has shut down following a $51 million hack in October 2024. Attackers exploited backdoor contracts on Arbitrum and BNB Chain to steal funds. This follows a 2024 flash loan attack that resulted in a loss of 1,900 ETH. Despite 18 months of recovery efforts, the DAO has decided to cease operations. The platform will remain in maintenance mode, permitting withdrawals and position management. On-chain data indicates no viable path to recovery. As DeFi security concerns intensify, altcoins to watch may shift.
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