Cryptocurrency News

Radiant Capital hacked for approximately $4.5 million in ETH

Radiant Capital has suffered a hack attack, with the malicious actors being able to drain $4.5 million worth of ETH. The amount is approximate in the figure, roughly translating to 1,900 ETH tokens. PeckShield first brought the issue to light, and Radiant Capital later acknowledged it on X, formerly Twitter.

PeckShield has said that the root cause is not new. The blockchain security and data analytics company has added that the actor sniped the new USDC market and exploited it six seconds after the market was activated. It has offered a solution, saying that it is imperative to ensure that a new market that is being added is activated with CF 0%.

Radiant Capital, for now, has halted its lending and borrowing markets on Arbitrum. It has been confirmed that funds are not at risk, but the borrowing and lending functions will be resumed after the necessary investigations have concluded. The Radiant DAO Council took the decision to temporarily shut down lending and borrowing.

Notably, this is not the only hack attack that has happened in recent times. Bill Lou from Nest Wallet has fallen victim to a phishing attack, losing $125,000 worth of stETH. The Chief Executive Officer of the company has been drained for 52 stETH.

Bill fell victim when the attack addressed a fake airdrop for an LFG token. While the token exists to reward Ethereum users with spending more than $2,469 on tractions since 2016, it was the presence of a fake website, precisely replicating the original one, that stole a large amount of funds. Lou addresses the matter through a post on X, informing the community that he was scammed while trying to claim the airdrop.

Velodrome and Aerodrome, two decentralized exchanges, were recently hacked for the second time in just a matter of a few days. Domains have been restored, but it raises a question about the platform’s security and its users’ data. Needless to say, the concern extends to the security of their funds. Velodrome operates on Optimism, and Aerodrome operates on Base. The malicious actors were able to compromise their frontend domains.

There is no official statement from either platform about how much it has affected their users. One blockchain sleuth has commented that the loss could be somewhere around $100,000 in funds. The statement is yet to be verified. It has everyone’s attention, nevertheless.

Community members of Radiant Capital have noticed a point, highlighting that the token price has actually gone up since the announcement about the exploit. RDNT was last seen exchanging hands at $0.33, an increase of 1.75% in the last 24 hours and 6.45% in the last 7 days. Members are probably highlighting this aspect because the prices often follow such announcements with a downturn in their valuation.

Erica Lee

Erica is a finance professional who has over a decade of experience in the finance sector as a management consultant. After years of reporting on forex, stock markets, and finance, she now contributes her strong financial skills with the CoinNewsSpan team. Since 2014, she has been deeply involved in the blockchain and cryptocurrency space. She believes that blockchain technology has tremendous potential to make our lives better.

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