BlockBeats report: On June 1, the cross-chain lending protocol Radiant Capital (RDNT) announced the initiation of its sunset program. The team stated that since suffering a security breach in October 2024, the DAO has been working for 18 months to recover, but due to the failure to recover meaningful funds, lack of new financing, and depletion of operational capital, the project no longer has a viable path forward.
Radiant stated that the protocol will not shut down immediately but will instead enter maintenance mode. The frontend interface will remain operational, and on-chain smart contracts will stay accessible, allowing users to continue withdrawing assets, repaying loans, and managing positions as usual.
Meanwhile, all development work will be immediately halted, borrow caps will be set to zero, RDNT token incentives will be discontinued, and treasury funds will be restricted to essential operational expenses. Future efforts will focus on user safety, fund recovery, and an orderly exit process.
The team emphasizes that ceasing operations does not mean abandoning efforts to recover funds. The compensation application portal will remain open, and any recovered assets from stolen funds in the future will be returned to affected users. On-chain tracking, forensic analysis, and asset recovery efforts are ongoing.
Radiant stated that although protocol development has officially come to an end, the on-chain infrastructure will remain in place, allowing users to safely exit the protocol and manage associated risks.