Radiant Capital exploited for $50m on Arbitrum, BSC

DeFi lender Radiant Capital appears to have been exploited on Binance Smart Chain following newly implemented upgrades.

Radiant Capital, a decentralized finance project built on LayerZero, suffered losses of up to $18 million due to an attack by unidentified individuals. Real-time web3 security startup Ancilia first reported the compromise, indicating that the issue likely stemmed from a backdoor contract deployed on the BSC network.

According to Ancilia, hackers initiated suspicious transactions from user accounts, suggesting that additional Radiant customer funds might be at risk. An Ancilia update revealed that the compromise extended to the Arbitrum chain, raising the total losses to $50 million.

Radiant Capital had not yet commented on the situation, and requests for insight sent by crypto.news went unanswered at press time. In the meantime, users were advised to revoke malicious approvals and avoid trading on Radiant Capital via Binance Smart Chain.

The hack comprised over 10% of crypto losses spotted by PeckShield last month. In September, criminals stole more than $120 million from DeFi protocols.

Exploiters siphoned $40 million from a single platform called BingX. The crypto exchange has since resumed normal operations and is working to resolve the issues. Other services impacted by attacks include Ethena Labs, Decentraland, Penpie, and Indodax.

Authorities have become increasingly vigilant toward crypto crimes, opening lawsuits and issuing crackdowns on offenders. A U.S. hacker named Evan Frederick Light could serve a 20-year prison sentence for a $37 million crypto theft.