Radiant Capital to wind down after $50M hack

Radiant Capital announced it will wind down operations after 18 months of recovery efforts failed to recoup about $50 million lost in a 2024 exploit. The protocol will enter a maintenance state; its frontend and smart contracts will remain live so users can withdraw funds, repay loans and manage positions.

The breach occurred in October 2024 and affected Radiant’s deployments on Arbitrum and BNB Chain. An attacker deployed a backdoor contract to gain unauthorized access and drain funds. Earlier in 2024, a separate flash loan attack removed roughly 1,900 ETH, about $4.5 million at the time. Those incidents prompted extended emergency response and asset-recovery efforts.

After a year and a half of recovery work, the team said it could not recover a meaningful amount of funds or secure fresh capital. In an official post the group wrote, “The DAO no longer has a viable path forward,” and noted that contributors and the community had continued to operate under increasingly difficult conditions.

Radiant’s announcement states that recovery efforts will continue and that any recovered funds will be returned to affected users. The company said some deployments of the protocol remain secure while the compromised chain instances showed the specific security weakness exploited in the attack. No confirmed recovery of the bulk of the stolen funds has been disclosed, and no timetable for asset recovery was provided.

Industry analytics show a recent rise in the number of crypto hacks, with one month reaching more than 20 incidents for the first time on record; the total dollar value stolen that month did not set a new high.

Radiant encouraged users with active positions to use the live interface to manage or withdraw funds and to monitor official channels for further recovery updates.