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 <p class="is-style-lead">Cross-chain lending protocol Radiant Capital has suspended its lending markets.</p>
 <p>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.</p>
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    <p lang="en" dir="ltr">Today, we received a <a rel="noopener noreferrer nofollow" title="report" href="https://thebittimes.com/tag/report.html">report</a> of an issue with the newly created native USDC market on Arbitrum. After validation by Radiant developers and the wider Web 3 security community, the Radiant DAO Council paused lending/borrowing markets on Arbitrum temporarily while this is…</p>— Radiant Capital (@RDNTCapital) January 3, 2024
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 <p>Blockchain security platform Beosin linked the <a rel="noopener noreferrer nofollow" title="attack" href="https://thebittimes.com/tag/attack.html">attack</a> to using instant credit with the <a rel="noopener noreferrer nofollow" title="attack" href="https://thebittimes.com/tag/attack.html">attack</a>er taking advantage of a “rounding problem” in the code base, “which led to a cumulative accuracy error.”</p>
 <p>As a result, the <a rel="noopener noreferrer nofollow" title="attack" href="https://thebittimes.com/tag/attack.html">attack</a>er made a profit through repeated deposits and withdrawals of assets.</p>
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  <p>“The <a rel="noopener noreferrer nofollow" title="attack" href="https://thebittimes.com/tag/attack.html">attack</a>er manipulated the index parameter (which later served as a denominator) to become extremely large. The contract has a rounding issue in its calculations, which led to a cumulative precision error.”</p> <cite>Beosin announcement</cite>
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 <p>According to Arbiscanner, the attacker managed to siphon $4.5 million in Ethereum (ETH) from the protocol.</p>
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   <img decoding="async" width="1024" height="215" src="https://cdn.thebittimes.com/images/2024/01/03/8130ac18a4d1859cc03635e50f656323.webp" alt="Radiant Capital reports $4.5m flash loan attack - 1"> 
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   Source: Arbiscanner
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 <p>Radiant also suspended the lending and borrowing markets on Arbitrum and assured investors that no additional funds were currently at risk. They promised to conduct a detailed autopsy and restore normal operations once the investigation is completed.</p>
 <p>The Radiant Capital hack was not the first case of attack by cybercriminals since the beginning of the year. Previously, scammers hacked the Orbit Chain protocol worth $81.5 million.</p>
 <p>According to the project team, stolen cryptocurrency “remains untouchable” at the addresses where they were discovered. They are now conducting a&nbsp;detailed <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> to determine the root cause of the hack and liaising with international law enforcement agencies.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/radiant-capital-reports-4-5m-flash-loan-attack-tbt75424.html">https://thebittimes.com/radiant-capital-reports-4-5m-flash-loan-attack-tbt75424.html</a></p>

Radiant Capital reports $4.5m flash loan attack

TheBitTimes

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