Radiant Capital announced the shutdown of operations and was unable to recover from the $51 million hack

According to The Block, DeFi lending protocol Radiant Capital announced that it will officially shut down operations. The protocol was hacked in October 2024, losing approximately US$51 million. The attackers gained unauthorized access by deploying backdoor contracts on Arbitrum and BNB Chain.

Previously, the protocol also suffered a flash loan attack in early 2024, which resulted in the loss of approximately 1,900 ETH (approximately $4.5 million). After 18 months of recovery attempts, Radiant Capital said it was unable to recover large amounts of stolen funds or successfully finance, and “the DAO has no viable path forward.” Currently, the agreement will enter a “maintenance state”, and the front-end and smart contracts will remain accessible. Users can still perform withdrawals, repayments, and position management operations. If any funds are subsequently recovered, they will be returned to the affected users.