Hackers Steal $50M from Radiant Capital

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Radiant Capital, a platform enabling borrowing and lending of cryptocurrency across blockchains, suffered a major cyberattack on Wednesday, losing over $50 million.

Security experts believe attackers gained control of Radiant’s core functions by compromising three “private keys” crucial for managing the protocol.

According to cybersecurity firm De.Fi, the exploit involved the “transferFrom” function within Radiant’s contracts on both the Binance Smart Chain (BSC) and Arbitrum networks. This vulnerability allowed attackers to siphon user funds, including various cryptocurrencies like USDC, WBNB, and ETH.

De.Fi further explained that Radiant uses a “multi-signature” wallet with eleven individual signers. However, the attackers managed to obtain three of these signers’ private keys, granting them enough access to manipulate the platform’s smart contracts.

This breach marks the second attack on Radiant Capital this year. Back in January, the protocol lost $4.5 million due to a separate exploit stemming from a bug in its smart contracts.