CandleFocus

$50 Million Radiant Capital Hack Traced to North Korean Cybercriminals

Author: Content Editor
On October 16, 2024, Radiant Capital, a decentralized lending protocol, was hit by a cyberattack resulting in a $50 million loss. The attack has been tied to North Korean hackers, highlighting the increasing threat of cybercrime in the decentralized finance (DeFi) sector. A report from OneKey, a crypto hardware wallet manufacturer backed by Coinbase, attributed the attack to North Korean hackers known as UNC4736 or AppleJeus. The attackers carefully planned their operation, deploying malicious smart contracts across multiple blockchain networks. The breach began with a phishing attack in September 2024, with the hackers gaining unauthorized access to Radiant's systems through malware. The hackers executed a man-in-the-middle attack and manipulated transaction requests to take control of Radiant's lending pool contracts. Despite following best security practices, the attack bypassed all defenses. Radiant Capital has engaged cybersecurity firms and law enforcement to investigate and recover stolen funds. The incident highlights vulnerabilities in the DeFi industry and the need for stronger security measures and collaborative efforts to combat cyberattacks.

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