CandleFocus Radiant Capital Loses $52M in Sophisticated DeFi Hack, FBI Joins Recovery Efforts
2024-10-25
Author: Content Editor
Crypto exchange Radiant Capital experienced a major breach in which $52 million worth of Ethereum (20,500 ETH) was stolen. The hackers utilized malware injections to compromise the devices of three core developers and gain control of the platform's multi-signature wallet. The stolen Ether was then moved through a network of wallets, with individual transfers reaching millions of dollars. This is the second major exploit for Radiant Capital in 2024, following a flash loan attack that resulted in a $4.5 million loss. The total value locked on Radiant Capital has dropped by 66% since the breach. The exchange has enlisted the help of the FBI for recovery efforts and has urged users to revoke approvals for affected smart contracts to protect their funds. This incident highlights the vulnerabilities in the decentralized finance industry, as hackers target DeFi platforms more frequently.
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