This Altcoin Under Attack Again: Huge Drop After Attack!

Radiant Capital, a blockchain-based credit protocol, has been hit by a major attack for the second time this year. As a result of the attack, it suffered losses of over $50 million. The attacker obtained three keys from the platform's multi-signature wallet system and exploited a major security vulnerability. As a result, Radiant's altcoin project RDNT rapidly lost value.

Details of the Attack on Radiant Capital and Its Effects on the Altcoin Market

According to blockchain researchers, the attacker has obtained three critical keys in the blockchain contracts used by Radiant Capital. Radiant is managed by a multi-signature wallet system. However, the attacker managed to take control of the keys in a way that would disable this wallet system. Specifically, the blockchain security firm De.Fi stated that the attacker infiltrated the BSC and ARB platforms using the 'transferFrom' function. It is currently unclear how these keys were obtained.

As we reported at Kriptokoin.com, Radiant was also subjected to a similar attack in January 2023 and incurred a loss of 4.5 million dollars. Therefore, RDNT, the altcoin project of Radiant Capital, suffered a major blow for the second time. Blockchain records reveal that the attacker stole various tokens such as USDT, USDC, WBNB, and ETH. This situation has caused great concern among Radiant's investors and users.

Market Reaction and Token Value

Radiant Capital's altcoin project RDNT rapidly lost value after the attack. According to TradingView data, following the attack, RDNT's price dropped from $0.719 to $0.648. This means that the token experienced a decrease of approximately 10%. Furthermore, this negative impact on the market caused panic among token holders. Therefore, the Radiant team immediately took action and initiated efforts to take control of the situation.

Radiant Capital announced that it has contacted security firms SEAL911, Hypernative, ZeroShadow, and Chainalysis after the attack. However, the steps of the team to close the security vulnerabilities are closely monitored by the investors in order to regain confidence in the altcoin project. It is clear that if such attacks occur again, Radiant's reputation will suffer more. As a result, the market and investors will need to be more cautious about security issues.

Insider Threat Possibility

Tony Ke, the security research manager at Fuzzland, stated that Radiant Capital uses a multi-signature wallet for smart contract controls. However, there is a possibility that the attack on Radiant Capital's altcoin project could have been carried out through phishing or insider intervention. In addition, suspicions that the attacker has insider information have raised questions about the platform's internal dynamics.

This attack on Radiant Capital once again demonstrates how vulnerable blockchain projects are to security vulnerabilities. As a result, altcoin users and investors will reassess their confidence in such projects. Therefore, Radiant will need to take stronger security measures to erase the traces of this attack.

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