Radiant Capital Suffers a $4.5M Hacker Attack

The report released by Radiant Capital reveals that the company has experienced a hack amounting to $4.5 million on one of its new USD Coin (USDC) markets.

The attack was linked to the use of instant credit by the hacker, who exploited a “rounding problem” in the code, leading to an accumulation of accuracy errors. The hacker was able to profit by repeatedly depositing and withdrawing assets.

The attack was caused by the manipulation of the index parameter, which resulted in a significant increase. The contract had a precision error in its calculations due to the rounding issue. According to Arbiscanner, the hacker was able to withdraw $4.5 million in Ethereum (ETH) from the protocol.

As a result of the hack, Radiant Capital has temporarily suspended its lending and borrowing markets on Arbitrum and has assured its investors that no further funds are at risk.

The company has committed to conducting a thorough investigation and restoring normal operations once the investigation is completed.