Key Takeaways:
- Radiant Capital has paused lending operations following a $58 million cybersecurity breach affecting the BNB Chain and Arbitrum networks.
- The breach exploited the “transferFrom” function and compromised the multisignature wallet’s private keys, leading to significant losses in multiple tokens.
- Radiant is working with cybersecurity firms to resolve the issue, while experts point to vulnerabilities in multisig wallets as a critical risk in Web3 security.
Radiant Capital has paused its lending operations after a major cybersecurity breach, with losses estimated at around $58 million.
The cross-chain lending protocol was compromised on the BNB Chain and Arbitrum networks, due to an exploit in the ‘transferFrom’ function, which enabled hackers to drain user funds, including $USDC, $WBNB, and $ETH.
⚠️ Radiant Capital hacked ⚠️
— Revoke.cash (@RevokeCash) October 16, 2024
We've received reports that private keys of the Radiant Capital multisig were compromised, which allowed malicious actors to steal approved user funds. Over $50M has been stolen so far. Check if you're affected below 👇https://t.co/WIHE63WcsT
Cybersecurity firms De.Fi Antivirus and Ancilia Inc. confirmed the breach, with Radiant Capital acknowledging the attack and working with security partners to resolve the issue.
The attack was reportedly carried out by compromising the private keys of several signers within Radiant’s multisignature wallet, giving the attacker control of the protocol’s smart contracts.
We are aware of an issue with the Radiant Lending markets on Binance Chain and Arbitrum. We are working with SEAL911, Hypernative, ZeroShadow & Chainalysis and will provide an update as soon as possible. Markets on Base and Mainnet are paused until further notice.
— Radiant Capital (@RDNTCapital) October 16, 2024
Radiant has since paused lending markets on Base and Ethereum Mainnet.
This incident highlights the vulnerabilities of multisig wallets, which are often targeted in crypto hacks.
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