Radiant Capital was recently hit by a hacker attack. In just six seconds, 1,900 Ethereum tokens worth approximately $4.5 million were stolen. This theft occurred immediately after the activation of a new market on the platform, exposing the vulnerabilities of such financial platforms.
The cause of the Radiant Capital hack
PeckShield Inc., a blockchain security company, analyzed the cause of this hack. The vulnerability, which emerged when activating a new marketplace, is similar to known issues on platforms such as Compound and Aave.
This issue, which is related to rounding issues in the current codebase, creates an attack window for hackers.
PeckShield emphasizes that this vulnerability has been known in the blockchain community for some time, which begs the question why Radiant Capital did not patch the vulnerability sooner.
Response from Radiant Capital
Radiant Capital responded to the hack with an official statement confirming details of the incident. In response to the security breach, they temporarily closed the Arbitrum markets and temporarily suspended credit and credit markets on this platform. These measures show that Radiant Capital takes the security of its users seriously.
In their statement they also state that there are no direct risks for existing funds. The company is working closely with security experts and the broader Web 3 community to thoroughly investigate the situation and take appropriate action to prevent a recurrence.
Today we received a report about an issue with the newly created native USDC marketplace on Arbitrum. After validation by Radiant developers and the broader Web3 security community, the Radiant DAO Council has temporarily suspended credit/loan markets on Arbitrum in the meantime…
– Radiant Capital (@RDNTCapital) January 3, 2024
Orbit Chain was also hacked
Radiant Capital isn’t the only company recently hit by an attack. There was also an attack on Orbit Chain just before New Year’s Eve, where hackers exploited a vulnerability in Orbit Chain’s Orbit Bridge service to steal more than $82 million.
Orbit Chain quickly responded to this incident by suspending all bridging contracts and initiating blockchain negotiations with the hackers. The situation is under investigation to locate the stolen assets and prevent future hacks.
Source: BTC Direct
Source link
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
