Radiant Capital, a leading blockchain lending protocol, lost over $50 million following a hacker attack, security experts confirm the incident.

Hacker Attack Using 'TransferFrom'

The attack began on Ethereum Layer 2 Arbitrum then spread to BNB Chain. The hacker exploited the 'TransferFrom' smart contract function, which allows tokens to be transferred from one account to another by a third party. For the attack to succeed, victims had to grant access to a spoofed wallet address, resulting in a significant fund loss.

Details of the Incident

According to Ancilia, the attack may have occurred through a backdoor on the Binance Smart Chain. Radiant urged users to revoke contract addresses to secure their funds. The hacker's wallet, starting with '0x0629b', reportedly contained over $51 million shortly after the attack.

Consequences for Radiant Capital

Radiant Capital confirmed the vulnerability on their X account and pledged to work with organizations to resolve the issue. This marks the second breach within a year, following a $4.5 million loss in January.

Radiant Capital has once again suffered from hacking, raising significant concerns about their system's security.