Radiant Capital faces a $50 million loss due to a serious security breach.

Radiant Capital was hacked on October 16, 2024, causing losses of over 50 million USD. The attacker transferred thousands of ETH into Tornado Cash to launder money, highlighting serious vulnerabilities in the multisig wallet and raising concerns about DeFi safety.

After the incident, Radiant collaborated with security experts from SEAL911, Hypernative, ZeroShadow, and Chainalysis to address the issue. The platform has temporarily suspended market operations on Base and Mainnet to prevent unauthorized withdrawals, which could affect liquidity and investor confidence.

This incident has a significant impact on Radiant, raising questions in the market about the security capabilities and resilience of the protocol in the future, while also highlighting the increasing risks associated with DeFi platforms that use multisig mechanisms.