According to a report by The Block on June 2, the DeFi lending protocol Radiant Capital has announced it will officially cease operations. The protocol suffered a hack in October 2024, losing approximately $51 million, as attackers deployed a backdoor contract on Arbitrum and BNB Chain to gain unauthorized access. Earlier in early 2024, the protocol had also been hit by a flash loan attack, resulting in losses of around 1,900 ETH (about $4.5 million).
After 18 months of recovery efforts, Radiant Capital stated it was unable to recover a significant portion of the stolen funds or successfully raise capital, and “the DAO has no viable path forward.” The protocol will now enter a “maintenance state,” with the frontend and smart contracts remaining accessible, allowing users to continue withdrawal, repayment, and position management operations. If any funds are recovered in the future, they will be returned to affected users.
