Hack Explained - Radiant Capital 2

Hack Explained - Radiant Capital 2

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1 min read

Radiant Capital is a decentralised finance (DeFi) platform that facilitates cross-chain lending and borrowing, allowing users to access and utilise liquidity across various blockchain networks. On October 16, 2024, the platform suffered a significant security breach, resulting in the theft of approximately $50 million. This incident was attributed to multiple private key compromises that lead to the hijacking ofprotocol's multi-signature wallet.

Behind the Breach

The hack occurred due to advanced malware injection techniques that allowed attackers to gain access to the hardware wallets of multiple developers involved in the project. By obtaining control of three out of the eleven required private keys for protocol upgrades, the hackers were able to manipulate smart contracts on both the Arbitrum and Binance Smart Chain networks​.

The attackers used the transferFrom function, which enabled them to directly transfer funds from user accounts into their own wallets​

Radiant's internal processes were compromised during a routine multi-signature emissions adjustment, leading to unauthorised transactions being signed in the background without the signers’ knowledge. ​

This is also the second breach at Radiant Capital this year: https://blog.rivanorth.com/hack-explained-radiant-capital


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