As a seasoned researcher with a keen interest in blockchain technology and a fair share of battle scars from past cyberattacks in the crypto space, I find myself once again at the crossroads of intrigue and caution. The recent exploit on Radiant Capital, resulting in a staggering loss of over $50 million, serves as yet another grim reminder of the potential risks lurking within this fascinating but often treacherous digital frontier.
On Wednesday, it appears a cyberattack resulted in Radiant Capital, a blockchain protocol, losing over $50 million, as reported by security specialists and blockchain data.
Security specialists reported that an unauthorized user managed to seize command over Radiant Capital’s blockchain agreements after acquiring three essential “access codes,” which regulate the system’s operations.
As an analyst, I uncovered that malicious activities targeted Radiant Capital contracts on both BSC and ARB chains, specifically through the ‘transferFrom’ function. According to a leading Web3 security firm, this exploit enabled attackers to siphon off users’ funds, which included popular tokens like USDC, WBNB, ETH, and others.
According to De.Fi’s recent post, Radiant is managed using a multi-signature, or “multisig,” wallet that requires 11 different signatures for transactions. It appears that an attacker gained access to three of these signers’ private keys, which allowed them to upgrade the platform’s smart contracts.
As of our last update, it remained uncertain where the keys were acquired. Some participants in an Ethereum safety discussion on Telegram suggested that the attack could originate from a breached user interface, implying that the genuine Radiant key-holders might have unwittingly engaged with a malicious software within their protocol.
In a post on their official X platform, Radiant admitted discovering a vulnerability, however, they didn’t disclose the exact details about it.
Radiant Lending has acknowledged a problem in their markets on Binance Chain and Arbitrum. They’re collaborating with SEAL911, Hypernative, ZeroShadow, and Chainalysis to resolve this issue quickly. In the meantime, trading on Base and Mainnet markets has been temporarily halted.
Radiant, managed by a Decentralized Autonomous Organization (DAO), declares on its site that its purpose is to consolidate the scattered liquidity of numerous Web3 financial markets into a single secure, user-friendly, and efficient platform spanning multiple blockchains.
This is a developing story. Radiant Capital did not immediately respond to a request for comment.
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2024-10-16 23:43