Radiant Capital Security Breach Drains $58M From User Funds

Gairika Mitra — Thu, 17 Oct 2024 13:09:40 +0000

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.

The post Radiant Capital Security Breach Drains $58M From User Funds first appeared on The Shib Daily.

Phishing Attack Drains $32M From Crypto Holder

Gairika Mitra — Mon, 30 Sep 2024 13:39:24 +0000

An anonymous individual has reportedly lost 12,083.6 spWETH, valued at over $32 million, in a sophisticated phishing attack.

Web3 data analysis platform Lookonchain reported this on X last Saturday.

According to Arkham, an analytics platform for Ethereum, the compromised wallet may be linked to DiscusFish (also known as @bitfish1 on X). This potential association raises concerns about the vulnerability of even seasoned cryptocurrency users to phishing attacks.

Courtesy: Lookonchain

Phishing Attacks: A Growing Concern for Crypto Holders

Phishing scams have long been a significant risk for crypto holders, often resulting in substantial financial losses. It is a type of cyber fraud where attackers impersonate trustworthy organizations and trick individuals into revealing sensitive information, such as passwords or credit card numbers.

Typically, the attack begins with a deceptive email or message that encourages the victim to click on a malicious link or download an attachment. This often redirects them to a fraudulent website or software designed to harvest their confidential information.

According to data from Statista, over 963,000 unique phishing websites were identified globally in the first quarter of 2024. Notably, approximately 2% of these phishing sites were related to cryptocurrencies.

A report from PeckShieldAlert also indicated that more than ten significant hacks took place in August, resulting in approximately $313.86 million in stolen funds. Notably, around 93.5% of this total loss stemmed from two large-scale phishing attacks, which together accounted for $293.4 million.

Major Financial Losses and Growing Vulnerabilities in Crypto

Phishing attacks appear to be the primary threat in August, revealing the ongoing susceptibility of the cryptocurrency sector to deceptive tactics. The largest phishing incident involved the theft of $238 million in Bitcoin (BTC), followed closely by another major attack that resulted in the loss of $55.4 million in DAI, a widely used stablecoin.

In another scenario, an alert revealed that a suspicious transaction involving Bedrock DeFi led to the loss of approximately $1.7 million from its UniBTC liquidity pool. The stolen funds were reportedly transferred to an address associated with Tornado Cash, a privacy-centric service.

To mitigate the risk of falling victim to phishing attacks, experts advise crypto holders to exercise extreme caution when interacting with unknown links or signing digital signatures. Double-checking all transaction details and verifying the legitimacy of requests can help prevent unauthorized access to valuable assets.

The post Phishing Attack Drains $32M From Crypto Holder first appeared on The Shib Daily.