ETH, WBNB, USDC Stolen As Radiant Capital Suffers $50M Loss
As a result of the breach, all the lending operations on the Binance Chain and Arbitrum markets initiated by Radiant Capital have been suspended. The organization has partnered with blockchain security companies, SEAL911 and Hypernative, to combat the issues and prevent other future case
USDC, WBNB, ETH Vanish in $50M Radiant Capital Cyberattack
In a recent report by web3 security startup Ancilia, the attack involved exploiting the ‘transferFrom’ function in the blockchain contracts. Through this vulnerability the attackers were able to perform unauthorized transactions from users accounts leading to the direct theft of USDC, WBNB, and ETH from Radiant’s liquidity pools.
The firm, however, stated that the exploitation of this function could have been prevented by the implementation of more security measures together with regular audits of contract changes.
In addition, revelations show that out of the eleven private keys used for protection and enhancement of the Radiant protocols, three had been tampered with. Security experts are investigating how the keys were obtained, suspecting a phishing attack on key holders or a compromised interface.
As a result of the breach, all the lending operations on the Binance Chain and Arbitrum markets initiated by Radiant Capital have been suspended. The organization has partnered with blockchain security companies, SEAL911 and Hypernative, to combat the issues and prevent other future cases.
Radiant has also called on its users to delete questionable approvals on their profiles and temporarily suspended new transactions.
