Radiant Capital suffers new attack with estimated loss of US$51 million

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Radiant Capital suffers new attack with estimated loss of US$
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Radiant Capital suffers new attack with estimated loss of US$51 million
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Omnichain money market Radiant Capital was the target of an attack, according to on-chain evidence and alerts from Web3 security firm Ancilia. The attack began on Wednesday afternoon, on the Radiant instance on the BNB Chain. The attack later expanded to the Ethereum Layer 2 Arbitrum network.

Ancilia published a notice on the social network X, warning that several transfers were taking place from users’ accounts. The company then recommended that users revoke their Radiant contract approvals immediately, indicating that the new system implementation had vulnerabilities.

Technical details of the attack on Radiant

The attack involved exploiting a vulnerability in the transferFrom feature of smart contracts, which allows a malicious actor to send tokens from one victim account to another account as long as they have been given permission to interact with the target wallet address. This type of attack often requires the user to inadvertently grant authorization to a fake wallet address.

Harms identified

Security experts identified a backdoor contract deployed around 17:09 UTC on Wednesday that gave the attacker unauthorized access to begin transferring tokens. Ancilia suggested that all Radiant users revoke their permissions as a precautionary measure.

Security firm Fuzzland reported that the profile of the attack suggests the attacker gained access to Radiant’s data through phishing or computer compromise, which may have resulted in the company’s private keys being leaked.

The attacker transferred wrapped tokens of BNB, ETH, USDC, and USDT, among others, from a wallet controlled by Radiant to an address starting with “0x0629b.” This wallet currently holds a balance of more than US$5 million in tokens.

According to data from the DeBank platform, the attacker’s total wallet balance exceeds US$51 million. There has been an exponential increase of 2,619,512.54% in the number of tokens since account creation, suggesting that the attack could have an even broader impact.

The attacker’s address holds more than $32 million in assets based on the Arbitrum network and approximately $18 million in tokens on the BNB Chain. The largest amounts transferred include Ethereum derivatives such as wstETH and weETH.

This is not the first attack suffered by Radiant Capital in 2024. After all, at the beginning of the year, the platform lost around 1,900 ETH ($4.5 million) in a flash loan attack.

Radiant Capital suffers new attack with estimated loss of US$51 million

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Radiant Capital suffers new attack with estimated loss of US$51 million

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Radiant Capital suffers new attack with estimated loss of US$51 million

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