Radiant Capital, a prominent DeFi lending platform, suffered a significant security breach on Wednesday, resulting in losses exceeding $50 million. The exploit targeted the platform’s smart contracts on both the Binance and Arbitrum networks.

Blockchain security firm Ancilia Inc. first detected the breach, reporting suspicious activity on Radiant’s smart contract on the BNB Chain. Hackers drained at least $18 million from the BNB network, with the attack spreading to Arbitrum’s liquidity pools.

The attackers compromised a multisig wallet by obtaining private keys from 3 out of 11 signers, allowing them to upgrade smart contracts and transfer ownership. Radiant Capital has suspended its markets on Ethereum and Base, collaborating with security partners to investigate and mitigate the breach.

Despite this setback, the DeFi sector remains resilient and continues to innovate, underscoring the importance of robust security measures in the evolving blockchain landscape.