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Radiant Capital Announces Shutdown of Operations, Unable to Recover from the $50,000,000 Hack
Deep Tide TechFlow News, June 2nd, according to The Block, DeFi lending protocol Radiant Capital announced it will officially cease operations. The protocol was hacked in October 2024, losing approximately $51 million, with the attacker deploying backdoor contracts on Arbitrum and BNB Chain to gain unauthorized access. Previously, the protocol was also targeted by a flash loan attack earlier in 2024, resulting in a loss of about 1,900 ETH (around $4.5 million).
After 18 months of recovery attempts, Radiant Capital stated that it was unable to recover the stolen funds or successfully raise funds, and "the DAO has no viable path forward." The protocol will now enter a "maintenance mode," with the front end and smart contracts remaining accessible. Users can still withdraw, repay, and manage positions, and any recovered funds in the future will be returned to affected users.