Following an upgrade, Radiant Capital, a DeFi lender, was breached for $50 million on BNB Smart Chain. Hackers managed to exploit vulnerabilities and steal significant amounts despite efforts to curb the attack.
Incident Details
Ancilia, a Web3 security startup, first reported the incident, noting suspicious transfers from user accounts through contract 0xd50cf00b6e600dd036ba8ef475677d816d6c4281. They advised users to revoke approvals urgently. The attack also affected Radiant on the Arbitrum chain.
Major DeFi Hacks in 2024
The Radiant breach is one of the largest in Q4 2024. Other significant incidents include PlayDaap's $290 million loss and Ronin's $12 million hack. These attacks continue amid renewed interest in the crypto market.
Current Crypto Market Situation
Over the past 78 hours, the crypto market saw a significant inflow of funds, reaching a capitalization of $2.30 trillion. Record Bitcoin prices, growing BTC dominance, and upcoming US elections fuel market optimism.
The Radiant Capital breach highlights the need for enhanced security measures in the DeFi sector. With the crypto market growing and attacks increasing, the reliability of security systems remains a critical concern.