Radiant Capital Exploited for $16M-$51.5M on Arbitrum and BNB Chain

Oct 16, 2024, 06:38 PM

Radiant Capital has suffered a significant exploit, resulting in losses estimated between $16 million and $51.5 million. The attack affected contracts on both the Arbitrum and BNB Chain platforms. Security experts have identified a transferFrom vulnerability, an access control exploit, and a compromised 3/11 multi-sig wallet as the primary causes of the breach. Users are advised to withdraw their assets and revoke approvals immediately to prevent further losses. The exploit appears to have originated from a backdoor contract and has led to substantial financial damage for the decentralized money market.