Radiant Capital protocol faced a hacking incident in which the hacker successfully drained $4.5 million from the protocol.
Radiant Capital is a Crypto DeFi protocol which allows people to earn interest and borrow assets across various blockchains.
Recently the Radiant Capital team activated a new market on the Arbitrum network but a hacker took advantage of the time window for activating (nearly 6 seconds) new markets and drained 1,900 ETH worth $4.5 million at the current trade price of ETH.
Today's hack on @RDNTCapital results in the loss of 1.9k eth (~$4.5m).
-----Cryptonews AD----->>>
Sign up for a Bybit account and claim exclusive rewards from the Bybit referral program! Plus, claim up to 6,045 USDT bonus at . https://www.bybit.com/invite?ref=PAR8BE
<<<-----Cryptonews AD-----
The root cause is not new: It basically exploits a time window when a new market is activated in a lending market (forked from the popular Compound/Aave). The exploitation also relies on a known rounding… https://t.co/XogWUVO3po pic.twitter.com/x5X9ql8AGA
— PeckShield Inc. (@peckshield) January 2, 2024
Following this hacking incident the Radiant Capital team suspended lending & borrowing services on the Arbitrum network and also confirmed that no current funds are at risk.
The services will be resumed on Arbitrum after the completion of the investigation behind this incident.
So far no statement has come from the Radiant Capital team on how it will compensate the people who lost funds in this incident and also failed to pass any request comment to the hacker(s) about negotiation.
Following this hacking news, the trade price of RDNT token failed to see any big impact. The current trade price of RDNT is $0.32 & this trade price is 0.62% high over the last 24 hours trade price.
Earlier this we reported that Orbit chain suffered a security breach and a hacker drained nearly $81.6 million worth of funds from the protocol.
Important Notice
Any reimbursement claims currently circulating are scams. Please don’t engage. Only refer to this official account @Orbit_Chain for updates, which will be provided as the situation unfolds. pic.twitter.com/zhpYSE3Nra
— Orbit Chain (@Orbit_Chain) January 1, 2024
The Orbit chain successfully secured investigation support from the Korean National Police Agency and KISA (Korea Internet & Security Agency) to investigate the hacking incident & catch the main culprit behind this incident.
All the investigators found some significant information related to the stolen funds by the hacker and there is a huge possibility that investigators will catch him sooner or later.
By working together and cooperating, we can make a significant impact in resolving this issue.
We sincerely appreciate your support, assistance, and cooperation.
— Orbit Chain (@Orbit_Chain) January 2, 2024
Read also: Experts say 5% rejection chances for Bitcoin spot ETF applications
A hacker stole 1,900 ETH from Radiant Capital protocol
https://bitcoinik.com/a-hacker-stole-1900-eth-from-radiant-capital-protocol/feed/
https://bitcoinik.com/a-hacker-stole-1900-eth-from-radiant-capital-protocol/feed/
