Radiant Capital Announces Shutdown, Fails to Recover from $51 Million Hack

Odaily, DeFi lending protocol Radiant Capital has announced it will officially cease operations. The protocol suffered a hacker attack in October 2024, with losses of approximately $51 million. The attacker gained unauthorized access by deploying backdoor contracts on Arbitrum and BNB Chain.

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

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