Radiant Capital Loses $50M After Exploit

Radiant Capital, a platform facilitating cross-blockchain lending and borrowing of cryptocurrency, suffered a major security breach on Wednesday.

Estimates suggest losses exceeding $50 million due to an exploit targeting the protocol’s contracts on both the Binance Smart Chain (BSC) and Arbitrum networks.

The Radiant Capital team confirmed the incident and announced the pausing of all lending activities across all supported blockchains, including their Base and Mainnet deployments, while they investigate the issue.

They are collaborating with cybersecurity firms like SEAL911 and Chainalysis to recover stolen funds and address the vulnerability.

According to security experts, the attack involved compromising Radiant Capital’s multi-signature (multisig) wallet.