Radiant Capital Security Breach Drains $58M From User Funds

Radiant Capital has reported a security breach affecting its contracts on the Binance Smart Chain (BSC) and Arbitrum (ARB) networks, resulting in the loss of approximately $58 million in user funds, including USDC, WBNB, and ETH.

Analytics platform De.Fi Antivirus Web3 revealed this in a post on X.

In response to the breach, security experts are advising users to take immediate action by revoking any existing approvals for their tokens associated with Radiant Capital. The address to revoke approvals is 0xd50cf00b6e600dd036ba8ef475677d816d6c4281, and users are urged to act swiftly to protect their remaining funds from further unauthorized access.

The analytics platform also advised users to be vigilant. To revoke token approvals and ensure the security of funds, users can follow a straightforward step-by-step guide. They should first visit de.fi/shield to access the revocation tool. Once on the site, users need to connect their cryptocurrency wallets to initiate the process.

Next, they should switch to Advanced mode to access additional features necessary for revocation. In the search field, users must paste the following contract address: 0xd50cf00b6e600dd036ba8ef475677d816d6c4281. This address pertains to the contracts for which they wish to revoke access.

Finally, by clicking on Revoke, users can finalize the process.

Previous Incidents Highlight Vulnerabilities

This wouldn’t be the first time that Radiant was hacked. Earlier, PeckShield wrote that the company experienced a major hack resulting in a loss of 1,900 ETH, valued at approximately $4.5 million.

The root cause wasn’t a new issue; it exploited a time window when a new market was activated in a lending platform that is forked from the popular Compound and Aave protocols. Additionally, the exploit relied on a known rounding issue present in the current Compound/Aave codebase.

Specifically, the attacker, identified at this address, targeted the newly deployed USDC market and executed the exploit just six seconds after its activation.

Apart from this, recent similar hacks involved Binance Smart Chain, Ronin Network, FTX, Wormhole, and Nomad.

Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

Post Views: 78