- Security Breach Details: PeckShield Inc. Report exposes exploit targeting Radiant Capital while new USDC market is active.
- Radiant’s Assurances and Investigations: The platform suspends operations and ensures that there is no immediate risk to user funds while the incident is investigated to ensure a safe environment before resuming activities.
Cross-chain lending platform shining capital A recent security breach resulted in the loss of 1,900 ETH (equivalent to $4.5 million), according to a report by blockchain security firm PeckShield Inc. The incident reportedly exploited a specific time window triggered by the activation of a new USDC market in the United States. Lending environment.
that much The breach occurred in just 6 seconds. PeckShield elaborated, citing vulnerabilities in the lending market setup as the root cause of USDC market activity. In response, Radiant Capital took swift action, including temporarily suspending Arbitrum’s lending and borrowing marketplace, the layer 2 scaling solution on which its platform operates.
Radiant Capital addressed the issue in a statement, acknowledging that the incident was linked to the newly established USDC market on Arbitrum. The platform assured users that an investigation is ongoing and promised to release a detailed after-action report once the issue is fully resolved.
Despite the security breach, Radiant Capital insisted in a statement that its funds remain safe and unaffected by the hack. The platform aims to resume normal operations once the investigation is complete. Currently, Radiant Capital is not responding to The Block’s request for further explanation regarding this incident.
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Radiant Capital Security Breach: Incident Details Revealed
The hack of 1,900 ETH worth $4.5 million targeting Radiant Capital has raised concerns about security protocols and vulnerabilities in the cross-chain lending platform. PeckShield Inc.’s detailed report discloses the exploitative nature of the incident and pinpoints the time period involved in the activation of the new USDC market.
Radiant Capital’s Response and Mitigation Measures
Radiant Capital’s proactive response following the breach highlights the platform’s commitment to user security. By temporarily suspending the lending and borrowing markets and launching an investigation, the platform aims to reassure users of the safety of their funds and provide comprehensive after-action reports for transparency and accountability.