Radiant Capital suspends its lending market due to a vulnerability attack, estimating losses of approximately $58 million

ChainCatcher news, according to Cointelegraph, Radiant Capital and two cybersecurity companies disclosed that after a cybersecurity breach exceeding $50 million occurred on the BNB Chain and Arbitrum, Radiant Capital has suspended its lending market.

Web3 cybersecurity company De.Fi Antivirus stated on the X platform: "By exploiting the 'transferFrom' function on the BSC and ARB chains, the attacker targeted the Radiant Capital contract, stealing user funds including USDC, WBNB, ETH, and more. This attack resulted in approximately $58 million in stolen funds." This is in line with estimates from another cybersecurity company, Ancilia Inc., which estimated the losses to be around $50 million. Radiant is controlled by a multi-signature wallet, and the attacker gained control of the private keys of multiple signers, subsequently taking control of several smart contracts.

Radiant stated in a post on the X platform: "We are aware of the issues with the Radiant lending market on the BNB Chain and Arbitrum. We are working with SEAL911, Hypernative, ZeroShadow, and Chainalysis and will provide updates as soon as possible. The markets on Base and the mainnet will be suspended until further notice."