Credit protocol Radiant Capital lost $4.5 million in hack
According to blockchain security company PeckShield, attackers took advantage of a known vulnerability that occurs during the launch of liquidity pools. Radiant Capital has now suspended lending operations in pools on Arbitrum and is conducting an investigation. The hack itself occurred 6 seconds after the launch of a new lending market using the USDC stablecoin.
Radiant developers confirmed that the incident “occurred due to an issue with the recently launched Arbitrum-based USDC market.” After investigating the incident, the project will provide a detailed report. At the same time, the developers emphasized that at the moment the funds of users of all other pools are safe, and full operation of the protocol will resume after the hacking is investigated.
It should be noted that 116 cryptocurrency projects closed last year. Some of them collapsed after hacker attacks.
