In a recent incident, Radiant Capital, a decentralized finance (DeFi) platform, has announced its collaboration with U.S. law enforcement following a devastating $50 million hack that occurred earlier this week.
What Methods Did the Hackers Use?
The cyber criminals employed a sophisticated malware injection technique to compromise the hardware wallets of several developers. They exploited vulnerabilities in the Safe Wallet interface, managing to manipulate transaction data while executing unauthorized transactions covertly.
How Will Radiant Capital Respond?
In response to this security breach, Radiant Capital has pledged to enhance its multisig controls and is actively working with the web3 security firm zeroShadow to freeze the assets that were taken.
As of the latest reports, the platform’s native token, RDNT, is trading at $0.061, reflecting a 2% drop within the last 24 hours and a 13% decline over the past week. This decline in market capitalization places RDNT at 581st in rankings.
- Attackers used advanced techniques that went undetected initially.
- Radiant Capital is reinforcing its security measures to prevent future incidents.
- The ongoing collaboration with law enforcement is pivotal in asset recovery.
The incident has heightened concerns within the cryptocurrency community about trust in DeFi platforms. While Radiant Capital has taken significant steps to address the issue, the vulnerability of such platforms remains a critical concern for the broader sector.