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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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