Radiant Capital Shuts Down Operations After $51M October 2024 Hack, 18-Month Recovery Fails

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According to The Block, DeFi lending protocol Radiant Capital announced on June 2 that it is shutting down operations after failing to recover from a $51 million hack that occurred in October 2024. The attackers deployed backdoor contracts on Arbitrum and BNB Chain to gain unauthorized access. After 18 months of recovery efforts, the protocol stated it could not recover significant stolen funds or secure new funding, leaving "no viable path forward" for the DAO. The protocol will enter maintenance mode, with the frontend and smart contracts remaining accessible, allowing users to withdraw funds, repay positions, and manage their accounts. Any recovered funds will be returned to affected users.
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