Radiant Capital, a decentralized finance (DeFi) platform, is currently in the process of recovering stolen assets amounting to $50 million after falling victim to a hack. The platform has been collaborating with US law enforcement to freeze the assets taken by the hackers.
According to a post-mortem report released by Radiant, the hackers were able to gain access to multiple developers’ hardware wallets by utilizing a highly sophisticated malware injection technique. This allowed them to manipulate transactions in the background while displaying legitimate transaction data on the front-end of the Safe {Wallet} platform. The breach occurred during a routine multi-signature emissions adjustment process, which is conducted periodically to adapt to market conditions.
In response to the attack, Radiant has implemented stronger multisig controls to prevent future breaches. The platform is also working closely with US law enforcement and zeroShadow, a web3 security firm, to track down and freeze the stolen assets. The level of sophistication displayed by the hackers has raised concerns within the DeFi community.
Despite the security breach, Radiant’s native token, RDNT, is still trading at $0.061. However, the token has experienced a decline of over 2% in the past 24 hours and more than 13% in the past week, reflecting the impact of the hack on investor confidence.
As the investigation and recovery efforts continue, Radiant is urging its users to remain vigilant and report any suspicious activity. The platform is committed to strengthening its security measures to prevent similar incidents in the future.
In conclusion, the incident serves as a stark reminder of the risks associated with decentralized finance and the importance of robust security protocols. Users are advised to exercise caution and follow best practices to protect their assets in the rapidly evolving crypto landscape. Stay tuned for further updates on this developing story.