Radiant Capital Faces $48 Million Exploit, RDNT Token Drops

A recent report from the cybersecurity firm Hacken reveals that Radiant Capital, a multi-asset money market platform, has suffered an exploit resulting in losses exceeding $48 million.

Following the attack, the value of Radiant’s native token, RDNT, fell by 7% and continues to trade down over 5% at approximately $0.067.

The incident involved a breach of Radiant Capital’s multi-signature wallet, which is designed to require multiple approvals for transactions, enabling the withdrawal of significant amounts from the platform’s liquidity pools on Binance Smart Chain (BSC) and Arbitrum.

The affected assets include Wrapped Ether (WETH), Wrapped Bitcoin (WBTC), Arbitrum (ARB), USD Coin (USDC), and Tether (USDT). Hacken has recommended that users revoke any approvals granted to Radiant Capital to mitigate further unauthorized access.

Notably, the malicious contract associated with the exploit had been active for 14 days prior, suggesting careful planning for the attack.

Mudit Gupta, Chief Information Security Officer at Polygon Labs, highlighted security flaws in the protocol, pointing out that even with 11 authorized signers for the wallet, only three signatures were needed for transaction approvals, potentially leading to this vulnerability.

This marks the second significant exploit for Radiant in 2024, following a flash loan attack that resulted in a loss of $4.5 million in January.

🚨 It looks like @RDNTCapital has been exploited for at least $48M, most likely due to an access control exploit.

Here’s what we know so far 👇 pic.twitter.com/lnBejElZOg

— Hacken🇺🇦 (@hackenclub) October 16, 2024