Radiant Capital announces closure, unable to recover from $51 million hack

Odaily Planet Daily News DeFi lending protocol Radiant Capital has announced it will officially shut down operations. The protocol suffered a hacker attack in October 2024, losing approximately $51 million. The attacker gained unauthorized access by deploying a backdoor contract on Arbitrum and BNB Chain.

Additionally, Radiant Capital was hit by a flash loan attack in early 2024, losing approximately 1,900 ETH (worth around $4.5 million at the time). After 18 months of recovery attempts, the team stated that it was unable to recover the majority of the stolen funds nor secure new financing, and "the DAO has no viable path forward."

According to the announcement, the protocol will enter a "maintenance state," where the front-end interface and smart contracts will remain accessible, allowing users to perform withdrawals, repayments, and position management. If any stolen funds are recovered in the future, they will be returned to affected users. (The Block)