Hack Leads to Final Chapter: Radiant Announces Gradual Shutdown

Odaily reports that DeFi protocol Radiant has announced that following the October 2024 hack and 18 months of continuous efforts, the DAO no longer has a viable path forward for continued operation and will gradually enter a "sunsetting" phase.

Radiant stated that the project currently has no progress in fund recovery, no new capital injections, and lacks the funds and development space to maintain normal operations, making responsible long-term operation unfeasible.

According to the plan, Radiant will transition to maintenance mode: the front-end interface will continue to run, on-chain smart contracts will remain accessible, and users can still withdraw, repay, and manage positions. However, the project will halt all new feature development, upgrades, and expansions. Additionally, borrowing caps will be set to zero, incentives for issuing the RDNT token will cease, and treasury funds will be used solely to maintain basic operations. The project's future focus will be entirely on user asset safety, fund recovery, and an orderly liquidation process.

Radiant stated that efforts to recover assets will continue, the relevant recovery portal will remain open, and any subsequent recovered funds will be returned to affected users. However, the outcome of the recovery is uncertain and may take a long period. While operations are gradually winding down, on-chain contracts will remain usable, and users need to manage their own risks and gradually exit positions.