Lending protocol Radiant Capital was hacked again on the 16th, with losses exceeding $50 million. This is the second time that Radiant has been attacked after January, and it has nothing to do with the previous attack. Security experts believe that this incident was the attacker obtaining 3 private keys of 11 multi-signatures in Radiant, thereby being able to upgrade the protocol smart contract. and steal funds.

(Radiant was hacked for 4.5 million mg, and Arbitrum USDC lending market was suspended)

Radiant Capital private key stolen

According to the security agency De.Fi, attackers used the transferFrom function in the Radiant protocol to launch attacks on the BNB chain and Arbitrum chain, draining user accounts of tokens including USDC, WBNB, and ETH.

This attack involves the control of a multi-signature wallet. By stealing the private keys of multiple signers, the attacker was able to modify the smart contract and transfer funds.

Tony Ke, director of security research at Fuzzland, also pointed out to The Block that Radiant on Ethereum and Base seems to be fine, but users still need to be cautious when interacting with contracts.

~$58,000,000 Exploit Alert

Radiant Capital contracts were exploited on BSC & ARB chains with the ‘transferFrom’ function, which allowed to drain users’ funds, namely $USDC $WBNB $ETH and others

Revoke approvals ASAP 0xd50cf00b6e600dd036ba8ef475677d816d6c4281 pic.twitter.com/oUHyshwEmL

— De.Fi Antivirus Web3 (@De_FiSecurity) October 16, 2024

Radiant Capital responded

Radiant Capital later confirmed on Twitter that the protocol had been hacked and stated that it was working with multiple security companies, including SEAL911, Hypernative, ZeroShadow and Chainalysis, to investigate the incident and recover losses, but did not provide specific details.

Currently, Radiant has suspended the BNB chain and Arbitrum market, and asks users to wait for further notice.

The attacker (0x…98962) initially held more than $32 million in Arbitrum and $18 million in the BNB chain. The largest holdings were wstETH and weETH, and has begun to transfer funds in large quantities.

We are aware of an issue with the Radiant Lending markets on Binance Chain and Arbitrum. We are working with SEAL911, Hypernative, ZeroShadow & Chainalysis and will provide an update as soon as possible. Markets on Base and Mainnet are paused until further notice.

— Radiant Capital (@RDNTCapital) October 16, 2024

In January this year, Radiant was attacked by a flash loan due to a smart contract vulnerability, resulting in a loss of approximately 1,900 ETH (current price of approximately US$4.5 million). All security agencies that talked about this incident, including Radiant, called on users to cancel their contracts as soon as possible. Authorization.

(Authorization revocation website Revoke launches the "Signature Panel" function! Past signatures can be canceled to avoid potential phishing risks)

This article, Lending protocol Radiant Capital was hacked for the second time this year, losing more than $50 million, first appeared on Chain News ABMedia.