Cross-Chain Lending Protocol Radiant Loses $4.4 Million In Hack, Details

Radiant Capital has reported an issue concerning the newly established native USDC market on Arbitrum. Following validation by Radiant developers and the broader Web 3 security community, the Radiant DAO Council has opted to temporarily halt lending and borrowing markets on Arbitrum to conduct a thorough investigation. It’s important to note that no existing funds are currently at risk.

Until the markets are resumed on Arbitrum, no further action can be taken, said Radiant. A comprehensive postmortem will be published once the issue is fully resolved, and regular protocol operations on Arbitrum will resume upon the completion of the investigation.

As we enter into 2024, security breaches continue to plague the crypto market. Last Sunday, December 31, Orbit Bridge, a leading cross-chain bridge protocol, witnessed a significant outflow of $81.5 million across multiple cryptocurrencies, raising concerns about a potential significant security breach.

The Orbit exploit encompasses five transactions that siphoned considerable amounts of stablecoins, wrapped Bitcoin, and Ethereum into separate wallets. Officer CIA further indicates that the attacker potentially compromised multi-signature signers, commencing the attack using funds from TornadoCash.