Orbit

Radiant

Radiant Capital

USDC

<p>In a significant cybersecurity breach, the cross-chain lending protocol Radiant Capital has incurred a substantial loss of 1,900 ETH, equivalent to a staggering $4.5 million. The initial report on this incident was provided by Peckshield, a leading blockchain security and analytics firm.</p> 
<h3 id="radiant-capital-loses-1-900-eth-in-hack">Radiant Capital Loses 1,900 ETH In Hack</h3> 
<p>PeckShield, a blockchain security and data analytics firm, reported a recent hacking incident on RDNT Capital resulting in a loss of 1.9k ETH, approximately $4.5 million. The attack exploited a time window during the activation of a new market in a lending platform (forked from popular platforms Compound/Aave).</p> 
<p>The exploit also took advantage of a known rounding issue in the current Compound/Aave codebase. The actor behind the incident, identified as <a href="https://arbiscan.io/address/0x826d5f4d8084980366f975e10db6c4cf1f9dde6d" target="_new" rel="noopener">https://arbiscan.io/address/0x826d5f4d8084980366f975e10db6c4cf1f9dde6d</a>, executed the exploit just 6 seconds after the activation of the new USDC market.</p> 
<p>PeckShield <a href="https://twitter.com/peckshield/status/1742335801336250858" target="_blank" rel="noopener">suggests</a> a simple solution to prevent such exploits: ensuring that when a new market is added, it is activated with a CF (Collateral Factor) of 0%.</p> 
<h3 id="pausing-lending-borrowing-activity">Pausing Lending/Borrowing Activity</h3> 
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            <p>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.</p> 
            <p>Until the markets are resumed on Arbitrum, no further action can be taken, <a href="https://twitter.com/RDNTCapital/status/1742338731514773760" target="_blank" rel="noopener">said</a> 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.</p> 
            <p>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.</p> 
            <p>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.</p> 
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<p>The post <a href="https://coingape.com/cross-chain-lending-protocol-radiant-hacked-losing-1900-eth/">Cross-Chain Lending Protocol Radiant Loses $4.4 Million In Hack, Details</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

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

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