Svmuureports that DeFi lending protocol Radiant Capital has announced it will officially cease operations. The protocol suffered a hacker attack in October 2024, resulting in a loss of approximately $51 million. The attackers gained unauthorized access by deploying backdoor contracts on Arbitrum and BNB Chain.
Additionally, in early 2024, Radiant Capital was hit by a flash loan attack, losing about 1,900 ETH (worth approximately $4.5 million at the time). After 18 months of recovery attempts, the team stated that it could neither recover the majority of the stolen funds nor secure new financing, concluding that "the DAO has no viable path forward."
According to the announcement, the protocol will enter a "maintenance state," with its front-end interface and smart contracts remaining accessible. Users can still perform operations such as withdrawals, repayments, and position management. If any stolen funds are recovered in the future, they will be returned to the affected users. (The Block)