Decentralized finance (DeFi) platform Radiant Capital is cooperating with US law enforcement to freeze stolen assets after suffering a $50 million hack earlier this week.
Details of the Attack
In the attack on Radiant Capital, hackers compromised the hardware wallets of multiple developers using an advanced malware injection method. The attack used Safe Wallet’s interface to display legitimate transaction data while enabling malicious transactions to be signed and executed in the background.
Following this attack, Radiant Capital stated that it implemented stronger multi-signature (multisig) controls. Additionally, web3 is working with security firm zeroShadow to take steps to freeze stolen assets.
Effects on the Crypto Market
Radiant’s native token, RDNT, is trading at $0.061 at the time of writing. RDNT, which ranks 581st in terms of market value, lost 2% in the last 24 hours and 13% in the last week.
“The compromised devices showed no obvious warnings other than minor glitches and error messages during the signing process – common issues when interacting with hardware wallets and Safe. “These seemingly routine error messages are just indications of a deeper problem and would not cause immediate concern under normal circumstances.” – Radiant Capital
Radiant Capital states that the attack is extremely sophisticated and that such attacks are worrying. The platform strives to prevent similar attacks in the future by increasing its security protocols.
The crypto community is concerned that such attacks could undermine trust in DeFi platforms. Although Radiant Capital’s quick response and cooperation with the authorities are among the important steps taken to control the situation, these attacks frequently experienced by DeFi protocols remind us of the risk every time.
Security in the cryptocurrency ecosystem is critical for the sustainability of platforms. The attacks experienced by platforms such as Radiant Capital hold important lessons for the entire industry. Constantly updating security protocols and raising user awareness will play an important role in preventing future attacks.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
