Radiant has halted lending and borrowing markets on Arbitrum, saying funds are not at risk.
Cross-chain lending protocol Radiant Capital was hacked for 1,900 ETH ($4.5 million), blockchain security and analytics firm PeckShield Inc. reported on X today.
“The root cause is not new: It basically exploits a time window when a new market is activated in a lending market,” PeckShield wrote. The security breach occurred six seconds after the new USDC market was activated on #Arbitrum , the digital security firm explained.
Radiant Capital also acknowledged the issue on X, saying that the Radiant DAO Council has temporarily suspended its lending and borrowing markets on Arbitrum — a Layer-2 scaling solution on which Radiant Capital runs atop of — while the problem is being investigated.
#HackerAlert #RadiantCapital #ETH
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