Radiant Capital will stop lending after exploitation
According to Radiant and two cybersecurity experts, Radiant Capital has stopped the lending market.
“Radiant Capital contracts used the ‘transferFrom' function on the BSC and ARB chains, which allowed users to withdraw funds, including $USDC $WBNB $ETH and more,” Web3 said on October 16, according to cyber security firm DeFi Antivirus. Post on the X forum.
The De.Fi exploit cost about $58 million, according to estimates from another cybersecurity firm, Ancilia Inc., which resulted in a loss of around $50 million, another X Post reported.
“We are aware of an issue with Radiant Lending Markets on Binance Chain and Arbitrum,” Radiant said in the X post.
We are working with SEAL911, Hypernative, ZeroShadow & Chainalysis and will provide an update as soon as possible. Markets on Base and Mainnet are suspended until further notice.” Radiant said.
Source: De.Fi
Related: Hackers make off with $440M in 28 exploits in Q3: Report
Radiant manages a multi-signature wallet, or “multisig”. The attacker took control of several smart contracts after controlling the private keys of several signatories.
“Radiant Capital has had their protocol stolen like a school bully steals lunch money. Multisig has been compromised and ownership has been transferred,” Pop Punk, co-founder of token launch platform g8keep, said on XPost.
“Repeal all approvals. Tens of millions of dollars have been lost so far,” added Pop Punk.
In the year Losses in various types of attacks in 2024. Source: Hacken
According to a report by cybersecurity firm Hacken, access control methods accounted for $316 million, or nearly 70% of the total amount stolen in crypto hacks in the third quarter of 2024.
Multisigs are the primary means of securing Web3 protocols, but central failures can create vulnerable points for attackers.
“Today many contracts are based on multisigs, which is far from decentralized,” Sreeram Kanan, Restaking Protocol EigenLayer, Cointelegraph in an interview.
“At the end of the day, users are not getting the trust that blockchain should provide,” Kanan added.
“We have to go further.”
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