Radiant Capital was hacked and more than $51 million was stolen across Arbitrum and BNB Chain. More than $32 million was stolen from Arbitrum, and approximately $18 million was stolen from the BNB chain.
Radiant Capital was exploited on October 16th, when hackers siphoned more than $51 million from the decentralized lender.
On-chain security platform Ancilia first alerted the crypto community about this attack, which affected OmniChain Money Market's Ethereum Layer 2 Arbitrum instance and BNB Chain.
“We have observed multiple transfers being made from a user's account through contract 0xd50cf00b6e600dd036ba8ef475677d816d6c4281. Please revoke your authorization as soon as possible. It appears that the new implementation had a vulnerable feature,” Palo Alto Networks and Binance Research said. The platform supported by the office pointed out.
Data from blockchain security and on-chain data firm Arkham Intelligence revealed details related to the attack.
stolen funds
According to Ancilia, the exploit appears to have been launched through a backdoor contract. The attackers exfiltrated over $51 million from two instances. Stolen funds include wrapped BNB, ETH, USDT, USDC and other tokens.
The hackers’ wallet addresses show they held $32 million in Arbitrum-based tokens and $18 million in assets on the BNB chain. Most of the assets are in Ether derivatives wstETH and weETH.
Following the exploit, Radiant Capital posted an update stating that the team had enlisted the help of an external security provider to investigate the breach. Similar to BNB Chain and Arbitrum, the DeFi platform also announced that it has suspended its Base and mainnet markets.
The native Radiant Capital token RDNT fell nearly 6%, trading as low as $0.067.
