Multichain money market Radiant Capital has been exploited for at least $48 million in what is suspected to be an access control breach, according to early reports by security firm Hacken.
The DeFi protocol’s native token RDNT crashed 7% following the news and is still down a little over 5% over the last 24 hours, trading at $0.067 as of press time.
The attack appears to have involved the compromise of Radiant Capital’s MultiSig wallet, a security feature typically used to enhance protection by requiring multiple approvals for transactions.
Hackers managed to gain control of the platform’s Pool Provider contract, transferring ownership to a malicious contract. This breach allowed the attacker to withdraw large amounts of assets from the platform’s liquidity pools on Binance Smart Chain (BSC) and Arbitrum.
As a result, tokens in lending pools created on both chains were drained, and the exploiter fled with tokens such as Wrapped Ether (WETH), Wrapped Bitcoin (WBTC), Arbitrum (AR
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