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news-imageJanuary 24, 2024

Radiant Capital initiates debt repayment after $4.5M flash loan exploit

Radiant Capital, a cross-chain lending protocol, has embarked on a path to recover from a recent flash loan exploit that resulted in a substantial loss of $4.5 million.
Publisher: Cryptopolitan
Sentiment: Positive
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The world of decentralized finance (DeFi) has witnessed another shocking incident, following an attack on Radiant Capital recently. This time, cross-chain lending protocol Radiant Capital found itself in the eye of the storm following a flash loan attack that resulted in a significant loss of $4.5 million.

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Crypto Custodian Radiant Capital Hit by $4.5 Million Hack – Details

A major player in the crypto and decentralized finance (DeFi) area, Radiant Capital recently ran into problems with its freshly created native USDC market on the Arbitrum network. PeckShield, a blockchain security and analytics company, reports that 1,900 ETH (around $4.5 million) worth of the cross-chain lending protocol Radiant Capital was compromised.

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The breach occurred within a mere six seconds of the USDC market's activation, PeckShield detailed, citing the vulnerability in the lending market's setup as the root cause. Responding promptly, Radiant Capital took swift action, temporarily halting its lending and borrowing markets on Arbitrum, a Layer-2 scaling solution where the platform operates.

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Exploit halts cross-chain lending on Radiant Capital's Arbitrum platform

Radiant Capital, a prominent cross-chain lending protocol, has temporarily suspended its lending and borrowing markets on the Arbitrum blockchain due to a substantial security breach. Reports indicate that a flash loan attack resulted in the unauthorized withdrawal of approximately $4.5 million in Ether from one of its newly established USDC Coin (USDC) markets.

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