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Decentralized finance (DeFi) lending protocol Radiant Capital temporarily paused its operations on the Ethereum layer2 network Arbitrum after it was exploited for 1,900 ETH, or $4.5 million. In a Jan.
A major player in the crypto and decentralized finance (DeFi) area, Radiant Capital recently ran into problems with its freshly created native USDC market on the Arbitrum network. PeckShield, a blockchain security and analytics company, reports that 1,900 ETH (around $4.5 million) worth of the cross-chain lending protocol Radiant Capital was compromised.
Radiant Capital falls victim to a cyber-attack, exposing vulnerabilities in its security. Here's a look at what happened.
Cross-chain lending protocol Radiant Capital has suspended its lending markets. The report states that Radiant Capital has received reports of a $4.5 million hack that affected one of the new USD Coin (USDC) markets.
The breach occurred within a mere six seconds of the USDC market's activation, PeckShield detailed, citing the vulnerability in the lending market's setup as the root cause. Responding promptly, Radiant Capital took swift action, temporarily halting its lending and borrowing markets on Arbitrum, a Layer-2 scaling solution where the platform operates.
Radiant Capital, a prominent cross-chain lending protocol, has temporarily suspended its lending and borrowing markets on the Arbitrum blockchain due to a substantial security breach. Reports indicate that a flash loan attack resulted in the unauthorized withdrawal of approximately $4.5 million in Ether from one of its newly established USDC Coin (USDC) markets.
Blockchain security firms said the issue was caused by a “known rounding issue” in the codebase.
Cross-chain lending protocol Radiant Capital was hacked for 1,900 ETH, blockchain security firm PeckShield reported on X today.
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The native token of a decentralized finance (DeFi) lending and borrowing protocol built atop LayerZero Labs, Radiant Capital ($RDNT) has recently started surging following a multi-million-dollar investment from Binance Labs, the venture capital subsidiary of Binance, the world's leading cryptocurrency exchange by trading volume.
Binance Labs partners with Radiant Capital to enhance DeFi usage. RDNT prices at $0.3031 with a 7.29% surge over the last 24H.
Radiant Capital, a DeFi lending protocol, will benefit from a $10 million investment from Binance Labs to make it simpler for consumers to lend or borrow money across several blockchains.
Binance Labs, the crypto exchange's investment arm, has invested a historic $10 million in Radiant, a leading decentralized finance (DeFi) platform. This funding demonstrates confidence in the expanding DeFi community and its promising future.
Binance Labs' $10 million investment in Radiant Capital led to a 10% hike in the DeFi lender's RDNT token.
