Cross-Chain Lending Protocol Radiant Hacked Losing 1,900 ETH, Details

01/03/2024 13:23

In wake of the hacking attack, Radiant Capital has suspended lending and borrowing activities on Arbitrum with no further action so far.

In another major hacking incident, the cross-chain lending protocol Radiant Capital lost a total of 1,900 ETH from the platform worth a staggering $4.5 million. Blockchain security and analytics firm Peckshield was the first to report about it.

Radiant Capital Loses 1,900 ETH In Hack

PeckShield, a blockchain security and data analytics firm, reported a recent hacking incident on RDNT Capital resulting in a loss of 1.9k ETH, approximately $4.5 million. The attack exploited a time window during the activation of a new market in a lending platform (forked from popular platforms Compound/Aave).

The exploit also took advantage of a known rounding issue in the current Compound/Aave codebase. The actor behind the incident, identified as https://arbiscan.io/address/0x826d5f4d8084980366f975e10db6c4cf1f9dde6d, executed the exploit just 6 seconds after the activation of the new USDC market.

PeckShield suggests a simple solution to prevent such exploits: ensuring that when a new market is added, it is activated with a CF (Collateral Factor) of 0%.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.