Coinpaper reports:
Radiant Capital paused its lending markets after a cybersecurity breach that resulted in losses of more than $50 million on both the BNB Chain and Arbitrum networks. According to Web3 cybersecurity firm De.Fi Antivirus, the exploit was linked to the “transferFrom” function in Radiant Capital’s smart contracts, which allowed the attacker to drain funds from users, including assets like USDC, WBNB, and ETH. De.Fi estimated the total losses to be around $58 million. Another cybersecurity firm, Ancilia Inc., confirmed a similar figure of about $50 million.
Radiant Capital acknowledged the issue on its X account and stated that it is working with cybersecurity firms SEAL911, Hypernative, ZeroShadow, and Chainalysis to investigate the breach. Lending markets on Binance Chain and Arbitrum have been paused until further notice. The protocol’s Base and Mainnet markets were also halted as a precaution.
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The drama surrounding Radiant Capital did not end after the hack. Security firm Ancilia is facing a lot of criticism from the crypto community after it mistakenly shared a wallet drainer link while trying to help the users who were affected by the $50+ million exploit of Radiant Capital. After the hack, Radiant Capital users were rushing to revoke permissions to protect their funds.
Ancilia’s now-deleted post, which re-posted a link from an imposter Radiant X account, directed users to what they believed was an official source for revoking permissions. However, the link led to a malicious wallet drainer, which ended up putting users’ funds at further risk.
Read more at CoinMarketCap.