Radiant

Arbitrum

2024

Radiant Capital

USDC

<ul>
 <li><em>Radiant Capital faced a cyber attack, resulting in a loss of over $4.4 million.</em></li>
 <li><em>The breach prompts a temporary pause, leading to a decline in sentiment for both Radiant Capital and Arbitrum.</em></li>
</ul>
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 <p><a href="https://ambcrypto.com/search/RDNT" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Radiant Capital [RDNT]</a> is a platform that seeks to unify fragmented liquidity across various lending protocols and chains in the decentralized finance (DeFi) space. However, recent events have cast a shadow on its integrity as the platform fell victim to a malicious attack.</p>
 <h4><strong>An attacker on the loose</strong></h4>
 <p>Cyvers, a cybersecurity firm equipped with an AI-powered system, unearthed the nefarious activities targeting RDNTCapital.</p>
 <p>The suspicious transactions flagged by their system pointed to a price manipulation issue, resulting in a staggering loss exceeding $4.4 million.</p>
 <p>The attackers’ address was identified through multiple rugpull transactions on Arbitrum, unraveling the complexity of the exploit.</p>
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
  <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;">ALERT<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;">Our AI-powered system has identified multiple <a href="https://twitter.com/hashtag/rugpull?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#rugpull</a> transactions on <a href="https://twitter.com/hashtag/ARB?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#ARB</a> linked to this address: <a href="https://t.co/GZKVDypuAh" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">https://t.co/GZKVDypuAh</a>. The address has been involved in creating numerous tokens.<br>The address has bridged 500K <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$USDT</a> to <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$ETH</a>, then swapping it to <a href="https://twitter.com/search?q=%24DAI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$DAI</a> before depositing… <a href="https://t.co/4l8JmdXmcd" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/4l8JmdXmcd</a></p>
  <p>— <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> Cyvers Alerts <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@CyversAlerts) <a href="https://twitter.com/CyversAlerts/status/1742126043006116054?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">January 2, 2024</a></p>
 </blockquote>
 <p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
 <p>The modus operandi of the attack involved the address bridging 500,000 USDT to ETH, executing a swap to DAI, and ultimately depositing the funds into TornadoCash.</p>
 <h4><strong>A swift response</strong></h4>
 <p>Radiant Capital promptly addressed the breach via Twitter, acknowledging a report concerning the newly established native USDC market on Arbitrum.</p>
 <p>The Radiant DAO Council swiftly responded by temporarily halting lending and borrowing markets on Arbitrum for a thorough investigation. Radiant Capital assured users that no current funds were jeopardized by the incident.</p>
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
  <p lang="en" dir="ltr">Today, we received a report 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>
  <p>— Radiant Capital (@RDNTCapital) <a href="https://twitter.com/RDNTCapital/status/1742338729925112272?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">January 3, 2024</a></p>
 </blockquote>
 <p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
 <p>As the investigation unfolds, Radiant Capital emphasizes that no user action can be taken until the markets are reactivated on Arbitrum. A comprehensive postmortem report will follow, offering transparency once normal operations on the protocol resume.</p>
 <h4><strong>Word on the street</strong></h4>
 <p>The aftermath of this breach has repercussions not only for Radiant Capital but also for Arbitrum. The weighted sentiment surrounding both platforms experienced a decline, reflecting a negative perspective in the social domain.</p>
 <p>The cyber attack has prompted a reevaluation of security measures and vulnerabilities within these DeFi ecosystems.</p>
 <hr>
 <p style="text-align: center;">Realistic or not,&nbsp;here’s&nbsp;<a href="https://ambcrypto.com/calculator/marketcap" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">ARB’s market cap in BTC terms</a></p>
 <hr>
 <p>Despite the breach’s impact on sentiment, RDNT’s price remained resilient, trading at $0.327795 with a modest growth of 1.45% in the last 24 hours.</p>
 <p>Arbitrum’s native token, ARB, demonstrated a more significant growth, trading at $1.92 with an 11.24% increase in the same timeframe. The market’s response suggested that, at least at the time of writing, the breach has not significantly affected the perceived value of the tokens.</p>
 <div id="attachment_361821" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Radiant-Capital-RDNT-11.43.36-03-Jan-2024.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-361821" decoding="async" class="wp-image-361821 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Radiant-Capital-RDNT-11.43.36-03-Jan-2024.png" alt="" width="2560" height="867" srcset="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Radiant-Capital-RDNT-11.43.36-03-Jan-2024.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Radiant-Capital-RDNT-11.43.36-03-Jan-2024-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Radiant-Capital-RDNT-11.43.36-03-Jan-2024-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Radiant-Capital-RDNT-11.43.36-03-Jan-2024-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Radiant-Capital-RDNT-11.43.36-03-Jan-2024-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Radiant-Capital-RDNT-11.43.36-03-Jan-2024-2048x693.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
  <p id="caption-attachment-361821" class="wp-caption-text">Source: Santiment</p>
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Radiant Capital falls prey to this security hack, details here

AMBCrypto

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