Radiant Capital exploited for $50m on Arbitrum, BSC

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As a seasoned analyst with years of experience in the cryptosphere, I find myself deeply concerned by the recent exploitation of Radiant Capital on Binance Smart Chain. The losses amounting to $50 million are a stark reminder of the risks inherent in DeFi projects, especially those that have recently undergone upgrades.

It seems that the decentralized finance lender, Radiant Capital, has experienced an exploit on the Binance Smart Chain network after recent updates were made.

A digital finance initiative called Radiant Capital, which operates on LayerZero, recently experienced losses of approximately $18 million as a result of an unknown attacker’s intrusion. The initial report of this breach came from Ancilia, a real-time web3 security company, suggesting that the problem may have originated from a malicious contract hidden within the Binance Smart Chain network.

Based on information from Ancilia, it appears that unauthorized transactions were made from some user accounts, which could potentially put more Radiant customers’ funds in jeopardy. A recent Ancilia update has indicated that this security breach also affected the Arbitrum network, increasing the total losses to a staggering $50 million.

At the moment of publication, Radiant Capital hadn’t provided any comments regarding the situation, and inquiries for further information from crypto.news remained unanswered. For now, it is recommended that users withdraw any suspicious authorizations and refrain from trading Radiant Capital on Binance Smart Chain.

Last month, I noticed that around 10% of my crypto investments were affected due to a hack reported by PeckShield. In September, it was disheartening to learn that over $120 million was stolen from various Decentralized Finance (DeFi) protocols by criminals, causing substantial losses in the crypto market.

Unscrupulous individuals drained approximately $40 million from a digital trading platform known as BingX. After taking appropriate measures, the platform has resumed its regular operations and is currently addressing the issues that arose. Unfortunately, other services such as Ethena Labs, Decentraland, Penpie, and Indodax have also been targeted in similar attacks.

Regulatory bodies are growing more watchful against criminal activities in the realm of cryptocurrencies, filing lawsuits and enforcing penalties on perpetrators. A U.S. cybercriminal named Evan Frederick Light faces potential imprisonment for up to 20 years due to a $37 million crypto heist.

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2024-10-16 22:23