Radiant Capital’s Multichain Borrowing Protocol Hacked: 1900 ETH Stolen, Urgent Closure of Arbitrum’s Lending Market

Radiant Capital's Multichain Borrowing Protocol Hacked: 1900 ETH Stolen, Urgent Closure of Arbitrum's Lending Market

Radiant Capital's Multichain Borrowing Protocol Hacked: 1900 ETH Stolen, Urgent Closure of Arbitrum's Lending Market

Radiant Capital, a multi-chain lending protocol, has reportedly discovered a vulnerability in the native USDC market launched on Arbitrum. The attacker was able to transfer approximately 1,900 ETH, worth about $4.4 million, from rETH. The team has taken immediate action to close the lending market on Arbitrum to prevent further losses.

According to PeckShield, the attacker exploited a known vulnerability that exists during the activation of a new market in the lending platform (a fork of Compound/Aave). During this time window, hackers can launch attacks. PeckShield also added that setting the collateral factor (CF) to 0 when creating a new market can effectively avoid this issue.

After the incident, the deployer of Radiant Capital’s contract left messages for the exploiters through on-chain messages:

Due to the limited scale of the attack, the price of RDNT tokens has not been severely affected. However, users should not take this lightly and should be cautious of false information on social media platforms. Many fake accounts are taking advantage of this opportunity to spread misinformation and deceive users into clicking phishing links under the pretext of “revoking authorization.” Please be vigilant.