- Radiant Capital has fallen victim to a hack, with more than $51 million stolen via Arbitrum and BNB Chain
- More than $32 million was stolen from Arbitrum, while BNB Chain accounted for approximately $18 million
Radiant Capital suffered an exploit on October 16, in which hackers siphoned more than $51 million from the decentralized finance provider.
On-chain security platform Ancilia first alerted the crypto community to the attack, which affected the Ethereum layer-2 Arbitrum instance and the BNB Chain of the omnichain money market.
“We noticed several transfers from the user account via the contract 0xd50cf00b6e600dd036ba8ef475677d816d6c4281. Withdraw your approval as soon as possible. It appears the new implementation had vulnerability features,” the Palo Alto Networks and Binance Labs-backed platform said noted.
Data from blockchain security and on-chain data company Arkham Intelligence showed details related to the attack.
Stolen money
According to Ancilia, the exploit appears to have been initiated through a backdoor contract. The attacker made more than $51 million from the two cases. Stolen funds include wrapped BNB, ETH, USDT and USDC, as well as other tokens.
The hacker’s wallet address shows that they had $32 million in Arbitrum-based tokens and $18 million in assets on BNB Chain. Most of the assets are in ether derivatives wstETH and weETH.
Following the exploit, Radiant Capital posted an update indicating that the team has enlisted the help of third-party security providers to investigate the breach. As well as BNB Chain and Arbitrum, the DeFi platform announced it had shut down its markets on Base and Mainnet.
Native Radiant Capital token RDNT fell nearly 6% to trade at a low of $0.067.