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Radiant Capital reports $4.5m flash loan attack

radiant-capital-reports-4-5m-flash-loan-attack
Edited by
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Radiant Capital reports $4.5m flash loan attack

Cross-chain lending protocol Radiant Capital has suspended its lending markets.

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.

Blockchain security platform Beosin linked the attack to using instant credit with the attacker taking advantage of a “rounding problem” in the code base, “which led to a cumulative accuracy error.”

As a result, the attacker made a profit through repeated deposits and withdrawals of assets.

“The attacker 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.”

Beosin announcement

According to Arbiscanner, the attacker managed to siphon $4.5 million in Ethereum (ETH) from the protocol.

Radiant Capital reports $4.5m flash loan attack - 1
Source: Arbiscanner

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.

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.

According to the project team, stolen cryptocurrency “remains untouchable” at the addresses where they were discovered. They are now conducting a detailed analysis to determine the root cause of the hack and liaising with international law enforcement agencies.