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Omnichain money market, Radiant Capital, experienced a significant security breach, resulting in a $51M loss across its 
Arbitrum and BNB Chain deployments.
What's the scoop?
- Multichain Exploit: The attack started on Radiant’s Arbitrum instance before spreading to its BNB Chain contracts.
- Wallet Details: The exploiter’s wallet currently holds over $32M in Arbitrum assets and around $18M in BNB Chain tokens.
- Security Flaw: The vulnerability emerged due to a newly deployed smart contract, which allowed unauthorized token transfers.
- User Advisory: Radiant users are urged to revoke permissions to Radiant contracts immediately to prevent further losses.
Bankless Take:
This isn’t Radiant Capital’s first exploit, coming after a previous flash loan incident and raising concerns about Radiant’s internal security measures since its multi-sig setup seems to have been compromised — meaning the hacker either phished an employee or there was an inside attacker. While efforts will likely be made to recover lost funds, this will be a tough, uphill climb for Radiant to regain trust, if it can at all.
We are aware of an issue with the Radiant Lending markets on
— Radiant Capital (@RDNTCapital) October 16, 2024Binance Chain and Arbitrum. We are working with SEAL911, Hypernative, ZeroShadow & Chainalysis and will provide an update as soon as possible. Markets on
Base and Mainnet are paused until further notice.
