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 unknown individuals. Real-time web3 security startup Ancilia first reported this breach, stating that the issue was likely caused by a backdoor contract deployed on the BSC network.

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

Radiant Capital has not yet commented on the situation, and requests for information sent by crypto.news remained unanswered at the time of publication. Meanwhile, users are advised to revoke malicious confirmations and refrain from trading on Radiant Capital via Binance Smart Chain.

The attack accounted for more than 10% of crypto losses detected by PeckShield last month. In September, criminals stole more than $120 million from DeFi protocols.

Abusers 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 affected by the attacks include Ethena Labs, Decentraland, Penpie and Indodax.

Authorities have become increasingly wary of crypto crimes, filing lawsuits and cracking down on criminals. A US hacker named Evan Frederick Light could be sentenced to 20 years in prison for the crypto theft of $37 million.