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Radiant Capital Exploited for Over $50 Million

Ancilia Inc reported the malicious activity and recommends users revoke approvals for Radiant’s smart contracts, citing a potential backdoor contract deployment.
By: Squiffs • October 16, 2024
hacker stealing money

Omnichain money market, Radiant Capital, is suffering an ongoing exploit with $18 million drained so far through a malicious contract deployment on Binance Smart Chain.

Web3 security firm Ancilia Inc. drew attention to the activity, likely performed by a malicious backdoor contract.

Drain Function - BSC Block Explorer
Drain Function - BSC Block Explorer

Prior to the hack, Radiant boasted $75 million in total value locked (TVL), according to DeFiLlama. The protocol raised $10 million in a funding round led by Binance Labs in July 2023.

Other users report the protocol could have lost up to $50 million, or 75% of Radiant’s TVL. 0xBoboShanti on X linked a wallet that appears to be also draining funds on the Arbitrum network.

Hackers Multichain Wallet - Arkham
Hackers Multichain Wallet - Arkham

Ancilia is telling users to immediately revoke Radiant Capital contact approvals.

This is a developing story.

Our articles are stored on Filecoin.

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