Cross-chain lending protocol Radiant Capital (RDNT) is reported to have suffered a cyber security attack of more than $50 million and has currently suspended its lending market operations. According to Radiant and two cybersecurity experts, the attack occurred on two blockchains, BNB Chain and Arbitrum, and the loss was approximately US$50 million to US$58 million.
In this regard, Web3 network security company De.Fi Antivirus stated that the attacker used the "transferFrom" function in the contract to steal user funds, including cryptocurrencies such as USDC, WBNB, and ETH. Radiant has stopped market activities on Base and mainnet and is working with on-chain analytics and cybersecurity companies to investigate the incident.
Preliminary understanding is that the attacker took over multiple smart contracts and stole funds by controlling the private keys of the multi-signature wallet. This means that the multi-signature mechanism may have its weaknesses. Although it is widely used to protect the Web3 protocol, the characteristics of centralized control still make It is vulnerable to attacks. In addition, according to Hacken's report, about 70% of the losses in cryptocurrency attacks in the third quarter of 2024 came from the exploitation of vulnerabilities in the access control mechanism, with the total loss amounting to approximately US$316 million.
Statement: The article only represents the author's personal views and opinions, and does not represent the objective views and positions of the blockchain. All contents and opinions are for reference only and do not constitute investment advice. Investors should make their own decisions and transactions, and the author and Blockchain Client will not be held responsible for any direct or indirect losses caused by investors' transactions.
"The cross-chain lending protocol Radiant Capital was attacked by hackers and has suspended operations." This article was first published on (Blocker).
