Radiant Capital was hacked on Wednesday, resulting in losses exceeding $50 million.
Several blockchain security firms have reported that the exploit occurred due to an apparent cyberattack targeting the platform’s smart contracts on both the Binance and Arbitrum networks.
Compromised Multisig
The incident was first detected by blockchain security firm Ancilia Inc., which reported suspicious activity on a Radiant Capital smart contract on the BNB Chain at 1:35 PM ET in an X post.
According to Ancilia, several on-chain transactions showed that hackers drained at least $18 million from Radiant on the BNB network. The attack soon spread to its liquidity pools on the Ethereum layer-2 network Arbitrum, where more assets were compromised.
Web3 security firm De.Fi explained that the bad actors gained control by compromising a multisig, which requires the approval of multiple signers to execute transactions. The attacker was able to obtain the private keys of 3 out of the 11 signers that secu
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