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DeFi Platform Radiant Capital Reveals Details of $50 Million Cyberattack

Yunus Taşlı — Mon, 09 Dec 2024 11:00:30 +0000

Radiant Capital has disclosed details of the October cyberattack that resulted in $50 million in losses. The attack was orchestrated by a North Korea-linked hacker group that exploited Telegram to deliver a malicious file.

In a statement on December 6, Radiant Capital identified the threat actor as “UNC4736,” also known as “Citrine Sleet,” which operates under North Korea’s Reconnaissance General Bureau (RGB).

How the Cyberattack Unfolded

The attack began on September 11 with a malicious ZIP file sent to a Radiant developer. Disguised as a legitimate message from a former contractor, the file built trust to bypass initial suspicion. Radiant Capital later determined that the file was crafted by North Korean threat actors.

The malware spread as it was shared among developers, infecting multiple devices. It conducted malicious activities in the background while presenting a normal interface to users.

Impact of the Hack

Lending Services Suspended: Radiant halted lending operations on October 16.
Funds Stolen: $52 million was transferred on October 24.
Platform Value Drop: Radiant’s total value locked (TVL) plummeted from $300 million at the start of 2023 to just $5.81 million.
Attribution: Security firm Mandiant attributed the attack to North Korean actors with high confidence.

Radiant Capital emphasized the sophistication of the attack, noting that “traditional security measures, simulations, and even hardware wallets were insufficient to counter the threat.”

North Korea’s Growing Role in Crypto Hacks

Since 2017, North Korea-linked hacker groups have stolen an estimated $3 billion worth of cryptocurrencies through attacks on crypto platforms. The group behind the Radiant Capital hack is reportedly associated with the infamous Lazarus Group.

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Bithumb Delisted It, Price Started to Drop!

Orhan — Thu, 14 Nov 2024 07:21:22 +0000

One of South Korea’s largest cryptocurrency exchanges, Bithumb, announced today that it will terminate trading support for Radiant Capital (RDNT). Following this development, RDNT coin experienced a drop of approximately 7%.

The decision to end trading support for Radiant Capital was explained as a precautionary measure by the Digital Asset Exchange Association (DAXA) to protect investors. DAXA member companies have the right to delist cryptocurrencies that fail to meet certain standards. Bithumb stated that RDNT did not meet the criteria required to maintain trading support.

Trading Termination Date: December 12, 2024

Withdrawal Support End Date: January 10, 2025

RDNT Coin Drops After the Announcement!

According to CoinMarketCap data, the price of RDNT coin fell from $0.06 to $0.056, a drop of approximately 7%, after the delisting news. At the time of writing, it is trading at $0.0586.

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Radiant Capital Lost 51 Million Dollars Worth Of Asset

Tanju Akbıyık — Thu, 17 Oct 2024 14:00:15 +0000

Radiant Capital, an omnichain money market, appears to have suffered a significant exploit, losing $51 million in assets across its BNB Chain and Arbitrum instances. The attack, which began on Radiant’s Arbitrum instance and later moved to BNB Chain, was identified through on-chain evidence and Web3 security firm Ancilia. The suspected exploiter’s wallet holds over $32 million in Arbitrum-based assets and $18 million on BNB Chain.

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The attack involved a vulnerability in Radiant’s smart contract, allowing unauthorized token transfers via the transferFrom function. Ancilia has urged users to revoke any approvals to Radiant contracts as a safety measure. The breach appears to have originated from a compromised multisig setup within Radiant, potentially due to phishing, a compromised device, or an insider attack.

Security researchers are working with the Radiant team to recover the stolen funds. This hack follows a previous incident earlier in the year where Radiant lost 1900 ETH (approximately $4.5 million) in a flash loan attack.

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Major Airdrop Incoming: Developers Reveal Date

admin — Sat, 15 Jun 2024 14:00:00 +0000

The much-anticipated altcoin airdrop in the crypto market could be drawing to a close. Developers have released a date.

LayerZero (ZRO), one of the most eagerly awaited altcoin airdrops in the cryptocurrency market, has sparked speculation among crypto enthusiasts by sharing a cryptic date of June 20, 2024.

The company had previously announced plans to issue a token in December and launch it in the first half of 2024.

In a recent post, LayerZero developers referred to the operation as “snapshot #1” and hinted at a series of upcoming airdrops. This has fueled anticipation and speculation among followers eagerly awaiting their potential windfall.

LayerZero is a unique protocol that allows different blockchains to connect without the need for a third party. It is currently used by Stargate and Radiant Capital, and both saw slight increases in their local tokens following the confirmation of the snapshot.

In April of last year, LayerZero raised $120 million in a Series B funding round, securing a valuation of $3 billion. This round, which included significant investments from Andreessen Horowitz and Sequoia Capital, further solidified LayerZero’s position in the market.

How to Participate in the Airdrop:

Use LayerZero.

Use dApps that use LayerZero, such as Stargate or Radiant Capital.

Follow and engage with LayerZero on social media.

Contribute to the LayerZero community.

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Radiant Capital Hacked!

Ahmet Bedirhan Arvas — Wed, 03 Jan 2024 08:26:54 +0000

Radiant Capital fell victim to a hack attack this week, resulting in a theft of $4.5 million for the cross-chain lending platform. What seemed like a minor “rounding error” in the new Arbitrum-based USDC market became a playground for hackers, enabling them to seize millions of dollars through a series of flash loan-supported deposit-withdrawal frauds. Blockchain security firm Beosin likened this to a digital bank heist, where the thief executed a sequence of illegal transaction loops.

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While Radiant and cybersecurity experts swiftly identified the issue, accusations pointed to a pre-existing security vulnerability in the current codebase, shared with popular protocols like Compound and Aave. Another security firm, PeckShield, labeled it as a “known weakness,” raising concerns about imitative attacks on similar platforms.

The consequences were rapid. In an effort to prevent further losses, Radiant froze all lending and borrowing activities on Arbitrum. Investors felt the pressure, but Radiant assured that the remaining funds were secure. A comprehensive investigation was promised, along with a commitment to return to normalcy, though the timeline remained uncertain.

Today, we received a report of an issue with the newly created native USDC market on Arbitrum. After validation by Radiant developers and the wider Web 3 security community, the Radiant DAO Council paused lending/borrowing markets on Arbitrum temporarily while this is…

— Radiant Capital (@RDNTCapital) January 3, 2024

This incident sharply reminds even established players of the inherent risks in DeFi. It underscores the need for meticulous code audits, continuous security attention, and a vigilant community. As DeFi evolves, developers must prioritize robust infrastructure and airtight security to ensure that their dreams of financial freedom do not turn into digital nightmares.

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