Skip to main content

Defi Platform Radiant Capital Loses Digital Assets Worth $4.5 Million After Flash Loan Attack

Defi Platform Radiant Capital Loses Digital Assets Worth $4.5 Million After Flash Loan Attack

Radiant Capital, a decentralized finance (defi) platform, confirmed on Jan. 3, 2023, that it fell victim to an attack which saw the “protocol accruing bad debt in the WETH market, totaling about 1.3% of total protocol TVL” or $4.5 million. Radiant Capital has urged the hackers to establish contact with the defi platform before law enforcement is brought in.

All Markets on Arbitrum Paused

Radiant Capital, a decentralized finance (defi) platform, has confirmed that it fell victim to a flash loan attack on Jan 2. The attack led to the “protocol accruing bad debt in the WETH market, totaling about 1.3% of total protocol TVL.” According to an assessment of the hack carried out by Peckshield, a blockchain analytics firm, Radiant Capital lost digital assets worth $4.5 million during the attack.

Peckshield stated that the attackers exploited a time window when a new market was activated in a lending market. The blockchain analytics firm said the attack would have been prevented if the new market was “activated with CF 0%.”

Meanwhile, in a statement shared via X on January 3, the defi platform revealed that the Radiant Decentralized Autonomous Organization (DAO) Council has taken the precautionary step of pausing all markets on Arbitrum. It added that an investigation into the incident is already underway.

Radiant Capital Still Solvent

The defi platform, however, insisted in a social media post that the protocol not only remains solvent but is also taking steps to allow users affected by the attack to regain access to their funds.

“The Radiant protocol is solvent, & a remediation plan for the bad debt will be implemented to re-capitalize the protocol entirely & give users full access to their deposits. A proposed plan will also be implemented for users at risk of liquidation during the pause period to ensure no users are penalized unfairly,” the defi platform said.

In a warning to those behind the attack, Radiant Capital urged the hackers to establish contact with the defi platform before law enforcement is brought in. To users affected by the pause, Radiant Capital said it hopes to lift the pause within the next 24 hours.

What are your thoughts on this story? Let us know what you think in the comments section below.



from Bitcoin News https://ift.tt/ZkDsp92
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

Seven UK Companies Form Cryptocurrency Trade Body

Seven major crypto companies operating in the UK have announced the formation an independent cryptocurrency trade body. The group, Crypto UK, has stated that its principal aim is to “improve industry standards and engage policymakers.” Also Read:   Independent Ratings Agency Alerts Investors About Dangers of Tether Leading Cryptocurrency Companies form Crypto UK Trade Body Seven leading cryptocurrency companies operating the UK have formed an independent trade body tasked with developing self-regulatory standards for the cryptocurrency industry, in addition to “engag[ing] policymakers.” The members of Crypto UK are Coinbase, Etoro, Cex.io, Blockex, Commerceblock, Coinshares, and Cryptocompare – comprising trading platforms, exchanges, asset managers, merchants, comparison websites, and intermediaries from the cryptocurrency sector. “Regulation is Imminent” The Crypto UK chairman and managing director of Etoro, Iqbal Gandham, described the trade body’s mission as “promot[in...
41 comments
Read more