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Update on RIZ Market Unpause & Fix Implementation RIZ markets on @BNBCHAIN and @arbitrum were temporarily paused due to RIZ and dLP contracts interacting with compromised addresses. A fix has since been developed and thoroughly audited by @BlockSecTeam to verify its security and effectiveness. After Radiant's recent attack, a new multi-signature configuration and additional security measures have been implemented, which increase the time needed for upgrades but ensure a higher level of protection for the protocol. The required fix is now moving through a 72-hour time lock. Once this period concludes, RIZ markets are expected to come back online later this week. To assist users at risk of liquidation, a 24-hour grace period will take effect once RIZ markets are unpaused. During this time, the liquidation threshold will be set to 95%, allowing users whose health factors are close to 1 the chance to either repay their debt or add collateral. After 24 hours, the liquidation threshold will return to its previous setting, and users who haven’t made adjustments may risk liquidation. Stay tuned for announcements in the coming days, and remember to take the necessary steps to protect your positions once the grace period begins.
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📢 Ethereum Markets are Now Unpaused The @ethereum lending markets have resumed operations following robust security enhancements. Radiant has prioritized a secure return to normal operations, implementing extensive improvements across its framework. Ownership has now been transferred to a Timelock (TL) contract, as shown in this transaction: https://t.co/8bLQAfEIOO. This TL contract, available here: https://t.co/qGaBcjkuoo, enforces a mandatory 72-hour waiting period on any adjustments, fortifying Radiant’s security stance. In addition, Radiant has implemented an emergency admin role via a multisig structure, exclusively tasked with pausing and unpausing markets as needed. The DAO has also heightened multisig security, reducing the number of required signers to 7, with a 4-out-of-7 signing threshold.
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🚨 Security PSA 🚨 To ensure maximum wallet security, this is a reminder to revoke Token approvals! Visit @RevokeCash or use @Rabby_io to revoke permissions you no longer need. This simple step can help safeguard your assets in the event of an unforeseen exploit. Stay safe!
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AMA Announcement 🎧 https://t.co/FtJQ9vqn3h Following recent events, Isaac and Hung will be hosting an AMA to provide essential updates and address any outstanding questions. This will be the first opportunity to discuss the situation directly and live, and we welcome all questions and concerns from the community. If you have specific topics you’d like covered, please feel free to submit them in advance through the #feedback channel on Discord. 🗓️ Monday, November 4, 1:00 PM EST
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The Radiant DAO aims to provide clarity on the critical areas of focus moving forward: • Unpausing Base & Mainnet Core Markets: Developers are diligently working to reopen these markets. The code and libraries are being carefully re-checked to ensure everything is secure. A 3-day time lock must be implemented on the LendingPoolAdressProvider, which is under audit by @PashovAuditGrp. This must be completed before the unpause is executed. The current estimated timeline for unpausing markets is 24-36 hours. • Fixing ARB & BNB dLP Withdrawals and RIZ Functions: Expired dLP and RIZ assets can not withdrawn currently because it has calls to the impacted lending pools, which are paused. Radiant developers and relevant parties are reviewing PR changes that will be executed after the unpause of core markets. • Redeploying ARB & BNB contracts: After completing the previous tasks, the next focus will be redeploying the ARB and BNB core market contracts, complete with an updated user interface. • Investigation: As mentioned previously, @zachxbt's analysis points to the likelihood that the exploiter is tied to the 2023 Poly Network exploit. Law enforcement and @zeroshadow_io are working on the ongoing investigation. Radiant contributors are exploring potential recovery options with relevant parties should the exploited funds not be swiftly frozen and returned. • An AMA is planned in the coming days to address questions and provide further clarity. Feel free to drop any questions in the #feedback channel on Discord so they can be addressed during the AMA. Thank you for your patience and support during these challenging times. Stay tuned for more updates in the coming days.
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