Radiant Capital Exploited for Over $50 Million

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.

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.

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

This is a developing story.